Shares of data-storage company Everpure were leading S&P 500 gainers on Thursday

Everpure's stock was up 18% on Thursday.

Everpure made it to the big leagues earlier this month when it was added to the S&P 500, and now the data-storage company is making a name for itself.

Shares of Everpure (P), formerly known as Pure Storage, were up 18% in midday trading Thursday, enough to pace the S&P 500's SPX gainers for the day.

That's the result of an analyst day at which Everpure laid out longer-term financial targets that have been well received by Wall Street. TD Cowen's Krish Sankar even went so far as to say the event was "more than an analyst day," as it helped reinforce a narrative shift.

"We think Everpure is entering a different phase as a company," he wrote. Sankar noted that the company's deals are getting larger, while its value proposition is now moving beyond storage and into areas like data architecture.

He also commented on the company's opportunities with hyperscalers, or large cloud providers. Hyperscale solutions are among the "new" revenue opportunities that helped Everpure top the consensus analyst view with its expectation for 39% to 45% revenue growth in the fiscal year that ends in January 2028.

Hyperscalers are "becoming a core growth engine" that signals "a broader organizational inflection," according to Sankar.

"Notably, Everpure laid out a framework in which growth remains durable off a larger base and margins expand on mix rather than core pricing," Evercore ISI's Amit Daryanani added in a note to clients.

Daryanani discussed the company's operating margins, a measure of profitability that tracks the portion of money a business retains after handling its operating expenses. As hyperscalers become a bigger part of Everpure's business, margins should benefit, he reasoned.

Morgan Stanley's Erik Woodring wrote that before the event, investors had been questioning whether Everpure's recent growth trends could sustain.

"We think those concerns should quickly reverse," he said. The company thinks that its total addressable market for all-flash and related technologies could almost quadruple to north of $200 billion by 2030.

Everpure could be in elite territory if it's able to achieve "rule of 60" status next calendar year, meaning that the sum of its revenue growth and operating margins hits or exceeds 60%. Only four other software companies - Microsoft (MSFT), Oracle (ORCL), Palantir Technologies (PLTR) and AppLovin (APP) - are expected to achieve that level, Woodring noted.

See also: Oracle's stock is falling as investors fear a data-center setback

-Emily Bary