Uncertainty has been the name of the game in 2022. A combination of negative macro developments – a slowing global economy, the geopolitical ramifications following Russia’s invasion of Ukraine and – possibly most of all – the prospect of the Fed seriously tightening its monetary policy to combat inflation – have all been weighing heavily on investors’ minds.
That doesn’t necessarily mean there aren’t good opportunities to take advantage of right now. The analysts at banking giant Goldman Sachs have pinpointed two names which have recently outperformed market expectations and which they believe are set to surge ahead even in the face of the unhospitable current environment – by the order of 40% or more.
We ran both tickers through the TipRanks database to see what the rest of the Street has in mind for the pair. Let’s take a look at the findings.
Pure Storage (PSTG)
The first stock on Goldman Sachs’ radar is Pure Storage, a provider of various data storage products. The company’s flash-based solutions come both in software and hardware form and are used in data centers. The company began by using third-party solid-state drives (SSDs) for its storage solutions. However, its own proprietary hardware soon replaced those SSDs and the company also brought into the market integrated deduplication, compression, and artificial intelligence software to help businesses conserve space and set up their devices properly.
Pure Storage has formed a strong partnership with Meta, having assisted in the development of the initial version of its AI research infrastructure in 2017. Since then, the pair have continued working together and earlier this year the two began a collaboration on Meta’s new AI Research SuperCluster (RSC), which Meta claims will be the fastest AI supercomputer in the world.
Like most tech stocks, Pure has found 2022 hard going but that hasn’t stopped the company from delivering the goods in its latest quarterly report.
In F1Q23, revenue rose by 50.3% year-over-year to reach $620.4 million, handily beating the $521.74 million…