Piper Jaffray Remains Sidelined on Nimble Storage (NMBL) Following 1Q Beat
Piper Jaffray maintained a Neutral rating and $90.00 price target on Nimble Storage (NYSE: NMBL) following the company's 1Q earnings report. Nimble reported revenue of $86.4M (cons $84.6M), slightly above the high-end guidance of $83-86M.
Analyst Andrew Nowinski commented, "Nimble’s FQ1(Apr) results slightly exceeded the high-end of guidance, though the quarter benefited from the largest deal in company history and better-than-expected demand for the new all-flash array. Nevertheless, there were positives in the quarter, as the company showed improving demand trends from the Enterprise and Cloud Service Provider segments. While valuation appears relatively cheap, we note that product revenue growth was still just 13%. Investments in Sales & Marketing should help accelerate growth in the back half of the year, though we are taking a wait-and-see approach and therefore reiterate a Neutral rating and $9 PT. "
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Shares of Nimble Storage closed at $7.35 yesterday.