Nimble Storage (NMBL): Increasing PT After All Flash Progress - Jefferies

August 24, 2016 7:41 AM EDT
Get Alerts NMBL Hot Sheet
Price: $8.26 +6.99%

Rating Summary:
    12 Buy, 15 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 28 | Down: 20 | New: 17
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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."

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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