Key Takeaways
- Shares of Everpure surged 7% in Thursday’s premarket session following an optimistic analyst day event.
- Management projects fiscal 2028 revenues between $7 billion and $7.3 billion, representing 39% to 45% growth year-over-year.
- The company maintained its fiscal 2027 outlook with revenue growth of 37% to 38% and adjusted operating income rising 48% to 51%.
- Multiple Wall Street firms including Northland, BofA Securities, and Needham lifted price targets or upgraded their ratings.
- Year-to-date, the stock has surged 64% and was recently added to the S&P 500 index, taking The Trade Desk’s spot.
Everpure shares jumped 7% to $117.29 during Thursday’s premarket session. The sharp gain followed the data storage provider’s analyst day presentation in Santa Clara, where management outlined ambitious long-term financial projections.
Wednesday’s regular session had seen the stock dip 1.1% before reversing course. The shares are now higher by 18% in September alone and have climbed 64% since the beginning of the year.
The company, which previously operated under the name Pure Storage, hosted its 2026 Financial Analyst Meeting Wednesday evening. During the presentation, executives introduced new fiscal 2028 financial targets that significantly exceeded market expectations.
Management’s Forward Guidance
For fiscal 2028, management is targeting revenues in the range of $7 billion to $7.3 billion. This represents annual growth of 39% to 45% compared to the previous fiscal year.
The company anticipates non-GAAP operating income for fiscal 2028 will reach between $1.7 billion and $1.9 billion. These figures would translate to approximately 80% to 100% year-over-year profit expansion.
Everpure simultaneously confirmed its previously announced fiscal 2027 guidance remains unchanged. Revenue is still anticipated to fall between $5.03 billion and $5.07 billion, reflecting 37% to 38% growth.
For fiscal 2027, adjusted operating income is expected to increase 48% to 51%, reaching $940 million to $960 million. The fiscal 2028 revenue guidance notably exceeded Wall Street’s consensus estimate of approximately $6.5 billion, based on FactSet data.
Chief Executive Charlie Giancarlo characterized this period as a pivotal strategic inflection point. He emphasized the company’s decade-long commitment to building what he termed an integrated and extensible architecture.
Giancarlo identified four key growth drivers moving forward: Core and Core AI, Modern Data Software, Scale AI, and Hyperscale Solutions.
Wall Street Responds Positively
Analyst responses came quickly. Northland increased its price target to $128 from $90 while reiterating an Outperform rating on the shares.
BofA Securities made an even more bullish move, upgrading the stock to Buy from a previous rating and assigning a $150 price target. Needham affirmed its Buy rating and established a $140 target.
The premarket surge occurred against a negative backdrop for broader equities. The S&P 500 declined 0.75%, the Dow Jones Industrial Average fell 0.68%, and the Nasdaq Composite dropped 1.13% during the same timeframe Everpure was rallying.
This divergence indicates the stock’s movement was purely a response to company-specific developments rather than general market sentiment. Everpure was added to the S&P 500 on September 21, taking the place of The Trade Desk during the index’s quarterly reconstitution.
This index inclusion has created an additional positive catalyst. Index-tracking passive funds were obligated to purchase shares, increasing the stock’s susceptibility to favorable news flow.
The Thursday premarket price of $117.40 positions the stock near its 52-week peak of $119.10. This represents a dramatic recovery from the 52-week low of $56.78 reached earlier in the year.
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