Needham & Company Reiterates Buy on Nimble Storage (NMBL) Following 2Q Report and Guidance

August 24, 2016 7:43 AM EDT
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Price: $8.39 -0.47%

Rating Summary:
    13 Buy, 14 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 35 | Down: 30 | New: 8
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Needham & Company reiterated a Buy rating and $12.00 price target on Nimble Storage (NYSE: NMBL) following the company's 2Q earnings report. NMBL posted revenue of $97.1M and a non-GAAP loss per share of ($0.19), exceeding consensus estimations of $94.7M and a loss of ($0.20). F3Q guidance is for revenue of $100-103M, and a non-GAAP operating loss of $14-16M, which equates to a non-GAAP loss per share of $0.17-0.19 on 86M shares vs. consensus of $100.9M/ ($0.17).

Analyst Richard Kugele commented, "Continuing on the improvements of F1Q, Nimble posted strong F2Q results with traction seen in all three critical areas: 1) AFA growth; 2) further enterprise penetration; and 3) accelerating growth within cloud service providers. We are encouraged by the return of Nimble’s momentum and continue to view the name as a core holding for investors of next-gen datacenter. We reiterate our Buy and $12 price target."

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 $8.82 yesterday.

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