Piper Jaffray Remains Sidelined on Nimble Storage (NMBL) Following 2Q Results
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
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."
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
- Wedbush Cuts Price Target on Polaris Industries (PII) Following 3Q Report
- Stifel Remains Sidelined on Crane Co. (CR) Following Earnings Call
- Edwards Lifesciences (EW) PT Lowered to $114 at Stifel, 'Buy' Kept
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View
Related EntitiesPiper Jaffray, Earnings
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!