Nimble Storage (NMBL): Solid Beat On All Flash Array Contribution - RBC
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
RBC Capital analyst, Amit Daryanani, reiterated his Sector Perform rating on Nimble Storage (NYSE: NMBL) after the company delivered a solid Jul-qtr beat and guided Oct-qtr revenue above Street at the midpoint of guidance ($100–103M vs. $100.8M). The EPS guide of -$0.19 to -$0.17 was slightly below Street at the midpoint most likely due to elevated investment activity.
Key points include: 1) Strong all-flash momentum: the July quarter marked the first full quarter of NMBL's all flash array availability; the product line drove 17% of total product bookings vs. 9% in Apr-qtr with ~2x the ASP of hybrid. 2) Reacceleration in y/y revenue growth: guidance implies ~26% y/y revenue growth at the midpoint, which is an improvement from FH1:17 y/y levels ~21% and reflects productivity from earlier investment activity, 3) Bookings strength from Cloud Service Provider and enterprise, which grew 69% and 37%, respectively.
The price target increases to $10.00 from $8.00 on ~1.5x EV/NTM revenue, which is in line with IT Hardware peer group multiples.
Shares of Nimble Storage closed at $8.82 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Jefferies Raises Price Target on Zumiez, Inc. (ZUMZ) to $23 Following 3Q
- Oppenheimer Cuts Price Target on Workday (WDAY) Following 3Q; Reiterates Outperform
- Brean Capital Cuts Price Target on G-III Apparel Group (GIII) Following 3Q Miss
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesRBC Capital
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!