UPDATE: Benchmark Upgrades Fusion-io to Buy

In a research report published earlier today, Benchmark has upgraded Fusion-io Inc.

from Hold to Buy. According to Benchmark, “First, Fusion-io's shares gapped down following 2Q12 results due primarily to gross margin concerns. Second, EMC's official launch of VFCache (formerly known as Project Lightning) on Monday, February 6 took a bite out of Fusion-io's share price, as investors became more concerned about competition in server attached flash storage. In our opinion, both of these factors are minor, and thus, have created an excellent entry point for investors. Therefore, we are increasing our rating from “Hold” to “Buy”.” Benchmark maintains its $30 PT on Fusion-io, which closed yesterday at $24.10.