Market Overview

UPDATE: Credit Suisse Downgrades Fusion-io to Neutral on Lower Visibility

Related FIO
Stock Market News for July 01, 2014 - Market News
Benzinga's M&A Chatter for Monday June 16, 2014
Report: Oracle Nearing Deal for Micros Systems (Fox Business)

Credit Suisse downgraded Fusion-io (NYSE: FIO) from Outperform to Neutral and lowered the price target from $50.00 to $17.00.

Credit Suisse commented, "Fusion-io had significantly weaker than expected revenue guidance, which was attributed to delays and push-outs in spending at key customers, including Facebook and Apple. While this could prove temporary, our concern is that the current multiple does not easily support such hiccups, leaving more risks to the downside. … Management attributed revenue weakness to delayed rollouts at strategic customers, such as Facebook and Apple, stating they have become more efficient in utilizing the technology. Additionally, several newer wins are not ramping as quickly as expected.

Fusion-io closed at $20.09 on Wednesday.

Latest Ratings for FIO

DateFirmActionFromTo
Jul 2014Monness Crespi HardtTerminatesNeutral
Jun 2014Piper JaffrayDowngradesOverweightNeutral
Jun 2014Credit SuisseDowngradesOutperformNeutral

View More Analyst Ratings for FIO
View the Latest Analyst Ratings

Posted-In: Credit SuisseAnalyst Color Downgrades Analyst Ratings

 

Related Articles (FIO)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters