UPDATE: Bank of America Initiates Fusion-io at Buy

Bank of America published a report on Fusion-io (NYSE: FIO) and initiated coverage with a Buy rating and $30 price objective.

In the report, Bank of America wrote, "Fusion-io (FIO) is positioned well as the clear market leader in server-side flash with a time to market advantage and strong software/hardware portfolio. The server-side flash market continues to gain enterprise traction and has a large total available market (TAM), with low, but rapidly growing penetration, which is fueling outsized revenue growth at FIO. We believe the company can maintain its innovative edge (1-2 years), even with increasing competition in flash storage."

Fusion-io closed Wednesday at $22.43.

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