Summit Redstone Raises Price Target on Nimble Storage (NMBL) to $14 Following Solid 2Q
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Summit Redstone reiterated a Buy rating on Nimble Storage (NYSE: NMBL), and raised the price target to $14.00 (from $12.00), following the company's 2Q earnings report. NMBL reported revenue ahead of consensus estimates by $2.3mln, with EPS coming ahead of the Street estimates by a penny. 3Q EPS was guided inline.
Analyst Srini Nandury commented, "Following Nimble’s solid F2Q results, we reiterate our BUY rating on the stock and increase our PT to $14 (up from $12). Nimble reported F2Q17 revenue that was ahead of consensus estimates by $2.3mln, with EPS coming ahead of both our/Street estimates by a penny. The company also guided revenue and EPS that was inline. Revenue upside was driven by solid AFA (All Flash Array) performance and this is surprising given that the company launched AFA only five months ago. With the launch of AFA, the company can now address workloads that it was previously locked out of. Many large enterprise customers are deploying AFA for mission critical workloads and we believe Nimble has a compelling product line that will be competitive against large incumbents. While large incumbents such as NetApp, EMC, HP and IBM will continue to use pricing as a lever to protect their install bases, we are confident enterprises will find Nimble’s products more compelling given lower TCO. By many accounts, the Nimble AFA is a serious contender in the flash storage landscape, and we expect the company to get its fair share of business given that AFAs are likely to become the de facto storage device across the business landscape."
Shares of Nimble Storage closed at $8.82 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
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