Needham & Company Reiterates Buy on Nimble Storage (NMBL) Following 1Q Beat
Needham & Company maintained a Buy rating and $12.00 price target on Nimble Storage (NYSE: NMBL) following the company's 1Q earnings report. NMBL reported revenue of $86.4M and a non-GAAP loss per share of ($0.24), ahead of the company's guidance of $83-86M in revenue and a loss of $0.25-0.27. Both were also ahead of consensus estimates of $84.6M/loss of $0.26.
Analyst Richard Kugele commented, "With the channel issues that plagued NMBL last year now resolved (channel having generated 30% more opportunities vs. last year, for example) and the critical AFA now launched and driving strong sales and increases to avg. deal sizes, we believe the tide has turned at NMBL. As the balance of the year unfolds we expect NMBL to continue to build the foundation for an acceleration of growth next year and profitability. We reiterate our Buy rating and $12 target based on 2.0x EV/NTM sales."
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Shares of Nimble Storage closed at $7.35 yesterday.