Canaccord Adams Assumes Coverage on 3PAR (PAR) with a Hold
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Canaccord Adams assumes coverage on 3PAR (NYSE: PAR) with a Hold. Price target $12.
Canaccord analyst says, "First, we would like to see what effect, if any, the EMC V-Max has in the market. With the product having only recently begun to appear, it is simply too early to make that call. Second, we believe that a high-end server refresh around the 8-core Nehalem expected in Q4 of this year could very well stall large swaths of the market in the critical summer time frame. We will consider revisiting as we become more comfortable with one or both of the above...We do believe that 3PAR could very well be a target for M&A in time. However, we equally believe that the “chasm” that acquirers look for in storage-systems companies is closer to the $500M revenue run-rate level. With 3PAR revenue at well less than half that level today, we aren’t certain that the company has demonstrated quite enough traction to cultivate a sense of urgency from a potential suitor."
3PAR Inc. is a provider of utility storage for mid-sized to large enterprises, financial services firms, cloud computing service providers, consumer-oriented Internet/Web 2.0 companies and government entities.
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