Goldman Sachs Reiterates Buy Rating on Nimble Storage (NMBL)

Goldman Sachs reiterated a Buy rating on Nimble Storage (NYSE: NMBL) with a price target of $34. Analyst Bill Shope thinks its Adaptive Flash platform opens up the market opportunity.

"Nimble launched its new high-end platform called Adaptive Flash. The new platform expands Nimble’s product line-up with the addition of the CS700 Series array and the All-Flash Shelf. Both will be generally available in June 2014. The new CS700 Series can handle a variety of performance intensive enterprise workloads, such as large-scale VDI deployments and high transaction volume databases, as well as other performance intensive server virtualization workloads such as Microsoft Exchange. Meanwhile, the new All-Flash Shelf can scale up to 16TB per node, or 64TB in a 4-node scale-out cluster," said Shope.

"The new introductions improve Nimble’s ability to reach large enterprise customers within its $18 billion SAM, and the All-Flash Shelf in particular complements Nimble’s scale-to-fit product philosophy. These developments are among the positive catalysts we expected for Nimble when we upgraded the stock to Buy, and we continue to anticipate increasing traction with large enterprise customers in the months ahead, especially once the company introduces support for Fibre Channel, which we still expect by the end of the current fiscal year (January 2015)," he added.

For an analyst ratings summary and ratings history on Nimble Storage click here. For more ratings news on Nimble Storage click here.

Shares of Nimble Storage closed at $25.06 yesterday.

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