Nimble Storage (NMBL): Increasing PT After All Flash Progress - Jefferies
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Jefferies analyst, James Kisner, reiterated his Hold rating on Nimble Storage (NYSE: NMBL) but raised the price target to $14.00 from $13.50 after the company reported a Q2 beat with revenue guidance slightly above consensus. NMBL showed nice progress on All-Flash increasing the likelihood that shares will re-rate as investors regain confidence that NMBL can reaccelerate growth and eventually generate positive cash flow on a sustained basis.
The analyst stated "We're encouraged to see Nimble continue to rebuild credibility with investors with crisp execution. We also liked NMBL's continued momentum in All-Flash and growth in large deals in FQ2. We continue to view the Hybrid storage TAM as large and enduring and believe NMBL is advantaged from a cost/bit perspective vs. the hybrid arrays of incumbent OEMs given its cache-based architecture. We also believe NMBL is cost advantaged vs. all-flash players as it uses HDDs for backup/replication for its all-flash offerings."
Shares of Nimble Storage closed at $8.82 yesterday.
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