Roth Capital Initiates Buy On Nimble Storage; Sees 64% Upside For The Stock
In a research note issued Friday, Roth Capital analyst Michael Staiger initiated coverage on shares of Nimble Storage (NMBL), with a Buy rating and $40 price target, which represents a potential upside of 64% from where the stock is currently trading.
Staiger wrote, “We believe, NMBL’s rapid customer growth is being driven by broadening adoption of its proprietary hybrid flash arrays that use a unique file system architecture to deliver a stronger value proposition relative to its competition. We see a sustainable software-based competitive advantage, back stopped by increasing sales productivity, accelerating repeat customer purchases and recent entry into higher end markets as long-term catalysts that will likely maintain NMBL’s premium valuation”.
According to TipRanks.com, which measures analysts and bloggers success rate based on how their calls perform, analyst Michael Staiger currently has a one-year average return of 8.1% and a 50% success rate. Staiger is ranked #2308 out of 3216 analysts.