NMBL Is Tracking To A Successful Completion Of Its FC Product Beta, Says Roth Capital
In a research report issued today, Roth Capital analyst Michael Staiger maintained a Buy rating on Nimble Storage (NYSE:NMBL) with a price target of $40, as the company’s fibre channel product beta tests appear on track.
Staiger wrote, “Most investors are well aware that FC storage is commonly used in mission critical applications and is premium priced. The buyer mindset is risk averse, and requires that new FC products, or even updates to existing products, be tested extensively using the strictest of standards. Our view is that NMBL’s progress in securing up to 40 independent active FC beta customers, when perhaps 12 would suffice, signals NMBL’s intent for success in this market segment. This degree of engagement also indicates that upon completion, NMBL will have a large and diverse group of reference accounts to support a pending product launch.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Michael Staiger has a total average return of 1.3% and a 50.0% success rate. Staiger has a 2.2% average return when recommending NMBL, and is ranked #2003 out of 3339 analysts.