Wunderlich Securities Starts Nimble Storage (NMBL) at Hold, Analyst Says Valuation "Lofty"

Wunderlich Securities initiated coverage on Nimble Storage (NYSE: NMBL) with a Hold rating and a price target of $48.00.

Analyst Kaushik Roy said, "Nimble is participating in the large and growing market for data storage systems. In our opinion, Nimble is gaining traction because (a) it has a new systems architecture that has been designed from the ground up to fully utilize state-of-the-art technology, (b) the company has successfully built a strong channel distribution, and (c) the company has a solid product monitoring technology and customer support system in place. We expect the company to gain market share and grow rapidly. However, the lofty valuation of more than 10x calendar-year 2015 sales keeps us on the sidelines at this time."

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 $45.80 yesterday.

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