The IBD SmartSelect Composite Rating for Pure Storage Cl A increased from 85 to 96 Friday.
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The upgrade means the stock is now outpacing 96% of all other stocks in terms of key performance metrics and technical strength.
Pure Storage Cl A is now out of buy range after breaking out from a 70.41 buy point in a consolidation.
One weak spot is the company's 71 EPS Rating, which tracks quarterly and annual earnings-per-share growth. Look for that to improve to 80 or better to show it's in the top 20% of all stocks.
Its Accumulation/Distribution Rating of C shows a roughly equal amount of buying and selling by institutional investors over the last 13 weeks.
The company posted a -2% increase in earnings for Q2. That means it's now posted two straight quarters of rising EPS growth. Revenue growth increased 13%, up from 12% in the prior report. That marks three consecutive reports with increasing revenue gains.
Pure Storage Cl A earns the No. 3 rank among its peers in the Computer Software-Storage industry group. Micron Technology is the top-ranked stock within the group.
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