Pure Storage Inc. is scheduled to release its fiscal second-quarter earnings after market close on Wednesday, with expectations set for a strong performance driven by demand for AI-enabled storage solutions.
Analysts anticipate earnings of $0.58 per share on revenue of $1.1 billion, marking year-over-year increases of 34% and 28%, respectively. These projections reflect a sequential acceleration from the prior quarter, when the company reported earnings of $0.47 per share and revenue of $1.05 billion. In May, Pure Storage exceeded revenue forecasts by 5% and surpassed earnings expectations by 20%.
Wall Street sentiment remains bullish, with 17 of 20 analysts maintaining buy ratings on the stock. The consensus price target stands at $111.05, implying approximately 8% upside from the current trading level near $103. Revenue estimates have edged 0.13% higher over the past 60 days, while earnings-per-share projections have remained largely unchanged. The company’s shares trade at 151 times trailing earnings and 39 times forward earnings, reflecting elevated valuation metrics. Pure Storage’s market capitalization is valued at $34 billion, with the stock up 81% over the past year.
The broader enterprise storage market reached $9.2 billion in the first quarter of 2026, representing 22.7% year-over-year growth. Industry projections suggest that more than 80% of enterprises will deploy AI-enabled applications by 2026, transitioning from pilot phases to core operational use.
Analyst Howard Ma of Guggenheim recently raised his price target on Pure Storage to $150, citing the company’s announcement of a second hyperscaler deal as arriving "sooner than most investors expected." Ma argues that the market is "massively mismodeling" the opportunity, estimating that average selling prices could rise by 70% with minimal volume impact. An unnamed prominent analyst described the development as "the biggest inflection in the company's history."
