UPDATE: Bank of America Reiterates on Fusion-IO as Revenue Visibility Remains Elusive

In a report published Thursday, Bank of America analyst Scott D. Craig reiterated a Neutral rating on

, but lowered the price target from $12.00 to $11.00. In the report, Bank of America noted, “Similar to last quarter, despite better F3Q revenue results ($101mn vs. our/Street prior $96/97mn), F4Q revenue guidance disappointed at ~$100-101mn, below our/Street prior $109/108mn. We believe quarterly revenue may have hit trough levels in F2Q at ~$95mn, although visibility to meaningfully higher revenue remains elusive. While strategic changes (new management, increased focus on OEM sales) should help revenue and visibility going forward, we believe this is a ‘show me' story, which could take some time to play out and remain on the sidelines until we see evidence of execution and improved revenue growth/visibility. Neutral.” Fusion-IO closed on Wednesday at $9.68.