Piper Jaffray Downgrades Nimble Storage (NMBL) to Neutral

Piper Jaffray downgraded Nimble Storage (NYSE: NMBL) from Overweight to Neutral with a price target of $9.00 (from $20.00).

Analyst Andrew Nowinski commented, "We are downgrading shares of NMBL to Neutral, following the company’s FQ4(Jan) results. While shares have declined ~60% since the last earnings call, we no longer believe the company can achieve revenue growth acceleration and operating leverage in FY17. Our change in view is based on three factors: 1) extending sales cycles, 2) uncertain technical merits of the all-flash platform and 3) a higher-than-expected ramp in operating expenses. As such, we are downgrading to Neutral and lowering our price target to $9 (prev $20)."

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 $8.25 yesterday.

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