Morgan Stanley says this data storage stock can jump 20%, outperform other tech names in a recession

Analyst Meta Marshall upgraded shares of Pure Storage to overweight from equal weight, saying the data storage company has several competitive advantages to weather broader economic challenges. ‘Progression of software story will help PSTG to be more resilient in macro weakness,’ Marshall wrote in a Monday note. The stock is off by just 6% this year, outperforming the broader market. Still, the analyst’s revised price target, raised to $37 from $35, implies shares can jump roughly 21.3% from here. The analyst initially had some hesitation around Pure Storage this year as rising interest rates and inflation hurt software names, but the company’s growing market share and rising free cash flow has helped assuage concerns, according to the note. Shares are down just 6 . . .