BMO Capital Starts Nimble Storage (NMBL) at Market Perform

BMO Capital initiates coverage on Nimble Storage (NYSE: NMBL) with a Market Perform rating and a price target of $11.00.

Analyst Tim Long commented, "We are initiating coverage of Nimble Storage with a Market Perform rating and a price target of $11. Nimble is growing much faster than the overall storage market thanks to a focus on the faster-growing hybrid flash array segment, and the upcoming introduction of an all flash array could help. In response to heightened competition, management recently shifted its focus from achieving profitability to investing for revenue growth. We are concerned that the intensified competition in the broader storage market will persist for several quarters. The move to the enterprise market could take longer than expected to materialize, and we see a risk to the level of investment required to succeed. We do not expect profitability until the end of fiscal 2018."

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 $10.54 yesterday.

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