Nimble Storage (NMBL) PT Raised to $37 at Needham & Company Amid Strong Q3

Needham & Company analyst Richard Kugele reiterated a Strong Buy rating and boosted his price target on Nimble Storage (NYSE: NMBL) to $37.00 (from $36.00) following strong Q3 results and Q4 revenue guidance.

Kugele commented, "With yet another quarter of robust momentum, beating top and bottom-line, we see NMBL as more reliable than the post office. In virtually every metric (margin, customer acquisition, average deal size, enterprise accounts, repeat business, etc.) we believe NMBL has set the standard by which all future storage IPOs will be judged. We reiterate our Strong Buy and increase our price target to $37 from $36, maintaining our 7.5x EV/C15 sales valuation."

The firm raised FY 2015 revenue estimates from $220.1M to $224.6M and FY 2016 revenue estimates from $316.7M to $329.8M. FY 2015 EPS was raised from ($0.61) to ($0.59) and FY 2016 EPS trimmed from ($0.23) to ($0.24).

For an analyst ratings summary and ratings history on Nimble Storage click here. For more ratings news on Nimble Storage click here.

Shares of Nimble Storage closed at $26.52 yesterday.

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