BMO Sees Better Margin Leverage Ahead for Nimble Storage (NMBL)
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BMO Capital analyst Tim Long lowered his price target on Nimble Storage (NYSE: NMBL) to $12.00 (from $13.00) following a mixed quarter but maintained an Outperform rating saying better margin leverage to come soon.
Long commented, "Nimble reported a mixed October quarter with in-line revenue and EPS, but disappointing margins. Operating margin guidance was also weaker. We remain encouraged by the building momentum of the AFA offerings and large deal metrics portend better growth. While we were expecting to see better margin leverage by now, we remain confident in Nimble’s ability to execute on its strategy and reaccelerate growth as flash becomes a bigger part of the business. Moreover, the shares remain undervalued. We reiterate our Outperform rating."
Shares of Nimble Storage closed at $9.24 yesterday.
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