Stifel upgrades Pure Storage to buy, says stock should reverse its recent sell-off

The Nasdaq logo is displayed at the Nasdaq Market site in New York September 2, 2015.
Brendan McDermid | Reuters

Pure Storage is a prime candidate to bounce back from the recent weakness in tech stocks, according to investment firm Stifel.

The rotation away from growth and tech stocks has hit Pure Storage particularly hard, as the share price has plunged by nearly 37% since Feb. 12. The Nasdaq Composite has dipped 4% over the same time period.

Stifel analyst Matthew Sheerin said in a note to clients that the pullback for the data storage company was "unwarranted" and upgraded the stock to buy from hold.

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