Everpure Promises Wall Street $7 Billion in Revenue. The Stock Hits a Record.

Everpure, the data-storage company Wall Street knew until this year as Pure Storage, closed at a record $121.88 on Thursday — up 11.2% and the S&P 500's best performer — after telling analysts it expects fiscal 2028 revenue of $7.0 billion to $7.3 billion, roughly half a billion dollars above what Wall Street expected.

The pitch: selling flash storage to the AI hyperscalers, at hyperscaler scale.

The outlook Wall Street didn't see coming

At its 2026 Financial Analyst Meeting on Wednesday in Santa Clara, Everpure reaffirmed its fiscal 2027 outlook — revenue of $5.03 billion to $5.07 billion, up 37% to 38%, with non-GAAP operating income of $940 million to $960 million — and then went further, issuing preliminary fiscal 2028 targets: revenue of $7.0 billion to $7.3 billion, up 39% to 45%, and operating income of $1.7 billion to $1.9 billion, up 80% to 100%.

Wall Street expected less. FactSet consensus for fiscal 2028 was $6.5 billion in revenue and $1.46 billion in operating income, according to Barron's — so the midpoint of Everpure's revenue range beats by about $650 million, and the operating-income midpoint by roughly $340 million. For a company that did $3.66 billion in revenue in fiscal 2026, the guide implies nearly doubling the top line in two years.

Four bets on the AI storage boom

Everpure framed the growth around four vectors: its core and AI-attached storage (FlashBlade, FlashArray, Evergreen//One subscriptions); modern data software (data intelligence, streaming, Portworx); Scale AI (FlashBlade//EXA systems for neoclouds and AI-native providers); and Hyperscale Solutions — DirectFlash technology built specifically for hyperscalers. The three newer vectors should account for about 20% of revenue by fiscal 2030, the company said.

Chief executive Charlie Giancarlo called it 'an inflection point as we expand our horizons to managing data in the enterprise and solutions for hyperscalers,' adding that 'a decade of committed investment in an integrated, extensible architecture has created a structurally higher growth baseline in our core business.' finance chief Tarek Robbiati said the 'financial profile is durably resetting to higher levels of growth and profitability,' with performance 'well above Rule of 40' and eight consecutive quarters of accelerating revenue growth.

Wall Street rewrites its models

Analysts moved within hours. Northland raised its price target to $167 from $128 (Outperform); Citi to $160 from $130 (Buy); Piper Sandler to $162 from $133 (Overweight); Needham to $150 from $140 (Buy); Wells Fargo to $145 from $135 (Overweight); Evercore ISI to $145 from $130 (Outperform); Morgan Stanley to $137 from $119 (Overweight); Lake Street to $130 from $120 (Buy). Guggenheim reaffirmed its Buy rating at $150 and Wedbush reiterated Outperform at $130. Bank of America raised its target to $180 from $150, TheFly reported.

TD Cowen's Krish Sankar called the event 'more than an analyst day,' said Everpure is 'entering a different phase as a company,' and argued hyperscalers are 'becoming a core growth engine' — a broader organizational inflection, in his words. Evercore ISI's Amit Daryanani wrote that growth looks 'durable off a larger base' with 'margins expand on mix rather than core pricing.' Morgan Stanley's Erik Woodring said investors had questioned whether the growth 'could sustain' — 'those concerns should quickly reverse' — and estimated the addressable market for all-flash storage could 'almost quadruple to north of $200 billion by 2030.'

The tape: a halt, a spike, and a record close

Everpure (NYSE: P) opened at $113.95 and ran as high as $131.41 — nearly 20% above Wednesday's $109.65 close — tripping a volatility trading halt at 9:35 a.m. ET before resuming five minutes later. The spike faded through the afternoon, but the $121.88 close, up $12.23 or 11.2%, still cleared the prior 52-week high of $119.10 for a record close on volume of 10.6 million shares. The shares added to gains after hours, trading near $123.

Thursday's advance made Everpure the S&P 500's best performer, leading the index's gainers from the morning through the close. The company joined the S&P 500 earlier this month, months after renaming itself from Pure Storage in February and switching its ticker from PSTG to the single letter P on the NYSE in April. The stock had already gained 64% this year through Wednesday's close, according to Barron's.

What has to go right from here

The fiscal 2028 outlook is preliminary, and Everpure's own release flags the swing factor: the timing and size of hyperscaler revenue. Watch for the company to convert the analyst-day framework into formal guidance, for the first hyperscaler-scale DirectFlash deployments to be named, and for the fiscal third-quarter report to confirm the acceleration is intact. If the hyperscaler money arrives late — or smaller than modeled — today's multiple expansion has a long way to fall.