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Merriman Curhan Ford Initiates Coverage on Isilon Systems (ISLN) with a Neutral

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November 5, 2009 7:54 AM EST

Merriman Curhan Ford initiates coverage on Isilon Systems (Nasdaq: ISLN) with a Neutral rating.

Merriman analyst says, "Isilon is emerging from several distinct headwinds that include revenue recognition violations committed by the company’s prior CFO in early 2008 and choppy IT spending in CY09 that compounded the difficult task of corporate rebranding and channel development efforts. That said, Isilon has, in our view, unique capabilities in the scale-out NAS market, which appears primed for growth heading into CY10. Key to the company’s near and mid-term success is executing on a new channel strategy that needs to drive awareness and at the same time deliver operating profitability, a challenging endeavor, in our view. We would look for improving leverage as central to revisiting our Neutral rating."

To see more analyst ratings on ISLN Click Here.

Isilon Systems, Inc. designs, develops, and markets network attached storage systems for storing and managing file-based data, including video, audio, digital images, computer models, PDF files, scanned images, reference information, test and simulation data, and other file-based information, as well as other unstructured data worldwide.