UPDATE: Wunderlich Securities Upgrades Nimble Storage On Unique Market Position

In a report published Thursday, Wunderlich Securities analyst Matthew S. Robison upgraded the rating on

from Not Rated to Buy, and named a $37.00 price target. In the report, Wunderlich Securities noted, “We are updating our rating and price target for Nimble Storage (NMBL) to Buy and $37. Both had been under review since transition of coverage to the current analyst last month. We believe Nimble is uniquely bringing Adaptive Hybrid FLASH technology to primary (tier-1), secondary (tier -2), and back up storage (converged storage). This capability positions Nimble with a large market opportunity that is being addressed with growth constrained primarily by the number of customers the company can engage. "We expect Nimble to continue moving aggressively to penetrate the market, drive innovation ahead of incumbents, and stake a claim that is defensible against new entrants. Our $37 target is derived from a model incorporating 20%+ non-GAAP operating margins approximately four years from now.” Nimble Storage closed on Wednesday at $30.22.