UPDATE: Goldman Sachs Reiterates Neutral Rating, Raises PT on Fusion-io

In a report published Friday, the Goldman Sachs Group reiterated its Neutral rating on Fusion-io

, and raised its price target from $25.00 to $28.00. Goldman Sachs noted, “The quarter's results demonstrated that with the recent product transition complete, the company's gross margins were able to snap back quickly. In our view this should greatly ease investor concerns over competition and commoditization. We raise our FY2013 and FY2014 estimates off this quarter's upside and improved clarity on the gross margin trajectory. We are also introducing FY2015 estimates. We are far more encouraged with the story and certainly missed this quarter's inflection point. With the stock up 26% in the after-market, however, we prefer to wait for a more attractive entry point and we maintain our Neutral rating.” Fusion-io closed on Thursday at $21.02.