Pure Storage Stock Is Having Its Worst Day of the Year. Here’s Why.

Pure Storage stock was falling Tuesday after a UBS analyst downgraded shares of the data storage company on an elevated valuation and competition concerns. UBS analyst David Vogt lowered his rating on shares of Pure Storage to Sell from Neutral while slightly increasing his price target to $47 from $44, which implies a 28% decrease from the stock’s closing price of $65.51 on Monday. Shares of Pure Storage were down 5.3% to $62.01 Tuesday and were on pace to have their largest percentage decrease since Nov. 30, 2023, according to Dow Jones Market Data.