Piper Jaffray Remains Sidelined on Nimble Storage (NMBL) Following 2Q Results

August 24, 2016 7:23 AM EDT
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Price: $7.99 --0%

Rating Summary:
    12 Buy, 15 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 17 | Down: 27 | New: 7
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Piper Jaffray reiterated a Neutral rating and $9.00 price target on Nimble Storage (NYSE: NMBL) following the company's 2Q earnings report. NMBL reported revenue of $97.1M, which was above consensus' $94.7M and the high-end guidance of $93-96M. EPS of ($0.19) was slightly ahead of the Street's ($0.20) estimate.

Analyst Andrew Nowinski commented, "Nimble's FQ2(Jul) results exceeded the high-end of guidance, driven by solid adoption of their new all-flash array. Demand from cloud service providers and large enterprises also continued to improve. One of the factors in our downgrade to Neutral in March was the uncertainty of the technical merits of Nimble’s new AFA, though it appears to be off to a good start. Nonetheless, we are still maintaining a Neutral rating as Nimble is only halfway through the rebuilding phase and has yet to deliver accelerating revenue growth. Neutral, $9 PT."

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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