UPDATE: Auriga Initiates Fusion-io at Sell

Auriga is out with its report today on Fusion-io

, initiating FIO at Sell. In its report, Auriga writes, "We are initiating coverage on Fusion-io shares with a SELL rating, as we believe that current valuation suggests an unfavorable risk/reward. We view Fusion-io, the company, as a very exciting growth story, with a clear lead in the emerging PCIe SSD space, which we estimate will grow at a 97% CAGR through 2015, to a $3Bn TAM at that time. While upside potential to our near-term assumptions for both the industry and Fusion-io exist, substantial risks also exist, including increasing competition and high customer concentration." Auriga maintains a $16 PT on FIO. Shares of FIO closed Tuesday at $22.70, down 1.82% from Friday's close.