Needham & Company Downgrades Nimble Storage (NMBL) to Hold; Higher Bids are Unlikely

Needham & Company downgraded Nimble Storage (NYSE: NMBL) from Buy to Hold, saying any higher bids are unlikely.

Analyst Richard Kugele commented, "We believe that the recently filed acquisition agreement documents likely suggest that a thorough bidding process had already taken place with regard to NMBL and that no other bidders had emerged for the company. Further, although NMBL negotiated the initial offer from HPE from $10.50 to $12.50, we believe any higher bids are unlikely. Consequently, we downgrade NBML to Hold from Buy."

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 $12.46 yesterday.

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