Why Has JP Morgan Given Nimble Storage (NYSE:NMBL) a $15 Price Target
JP Morgan began issuing its coverage for Nimble Storage (NYSE:NMBL), this morning Friday morning. The research firm found the stock of NMBL quite attractive and now has a Estimated Target Price of $15 with a key Overweight rating.
From a total of 19 analysts covering Nimble Storage (NYSE:NMBL) stock, 22 rate it a ”Buy”, 1 a “Sell”, and 3 a ”Hold”. This means that 85% of the ratings are positive. The highest target price is $33 while the lowest target price is $11. The mean of all analyst targets is $18.21 with a 150.45% above today’s ($11.04) stock price. Nimble Storage was the topic of 35 analyst reports since July 28, 2015 according to the firm StockzIntelligence Inc. DA Davidson upgraded shares on November 24 to “Neutral” rating. Maxim Group maintained shares with “Hold” rating and $15 target share price in a report from a November 20. Monness Crespi downgraded NMBL stock in a recent report from November 20 to “Neutral” rating. Barclays Capital downgraded the rating on November 20. Barclays Capital has a “Equal-Weight” rating and a $15 price target on shares. Finally, Raymond James downgraded the stock to “Market Perform” rating in a report issued on a November 20.
Approximately 462,545 shares of stock traded hands. Nimble Storage Inc (NYSE:NMBL) has declined 54.81% since May 1, 2015 and is downtrending. It has underperformed by 52.02% the S&P500.
Nimble Storage, Inc. engineers and delivers its clients with data storage platform. The company has a market cap of $870.16 million. The Firm has designed and sells a flash-optimized storage platform, Adaptive Flash. It currently has negative earnings. With the combination of the Company’s file system, Cache Accelerated Sequential Layout (CASL), and its cloud storage management and support service, InfoSight, the Company’s platform serves an array of enterprises and cloud service providers, and the Company’s software and storage systems handle mainstream applications, including virtual desktops, databases, e-mail, collaboration and analytics.
According to Zacks Investment Research, “Nimble Storage, Inc. offers flash-optimized hybrid storage platform. The company’s software and storage systems handle various mainstream applications which include virtual desktops, databases, email, collaboration and analytics. It serves industries comprising cloud-based service providers, education, financial services, healthcare, manufacturing, state and local government and technology. Nimble Storage, Inc. is based in San Jose, California.” Get a free copy of the Zacks research report on Nimble Storage Inc (NMBL).