Oppenheimer Maintains Outperform View On Nimble Storage Following Meeting With Management


In a research report sent to investors today, Oppenheimer analyst Ittai Kidron maintained an Outperform rating on Nimble Storage (NYSE:NMBL) with a $40 price target, following an investor event with the company’s management, which took place last week.

Kidron said, “Last week we hosted an investor event with Nimble’s mgmt, and we come away confident in its competitive position and large (and still growing) market opportunity. Our key takeaways were: (1) the introduction of FC (fibre channel) is on track with a material contribution from FY2H15; (2) FC wouldn’t only boost win rates and deal sizes, but also Nimble’s customer 2-year bookings multiplier; (3) top-line upside would continue to be leveraged to accelerate OpEx investment though break-even targets are unchanged; and (4) gross margin is expected to drift down to guided range over time due to growing international and large deal mix. Overall, we believe Nimble’s presented with a unique opportunity to disrupt and maintain our Outperform view.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Ittai Kidron has a total average return of 9.2% and a 58.4% success rate. Kidron is ranked #288 out of 3354 analysts.

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