UPDATE: JP Morgan Upgrades Fusion-io to Overweight on Competitive Strength
JP Morgan upgraded Fusion-io (NYSE: FIO) from Neutral to Overweight and raised the price target from $28.50 to $30.00.
JP Morgan noted, "Previously, we had believed Fusion-io's first mover advantage would unwind quicker than anticipated. That has not happened as the competition has not shown up in a big way yet. While deeper pocketed IT vendors are targeting the server-side, data acceleration market, our research points to Fusion-io continuing to hold the pole position. Also, our research indicates that Fusion-io could expand its go-to-market strategy with more of a direct sales push. In our view, this approach could lower the price points for the end customer, potentially unlocking greater adoption of Fusion-io's solutions."
Fusion-io closed at $19.93 on Friday.
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