UPDATE: Wells Fargo Securities Initiates Coverage On Nimble Storage On Growth Opportunity

In a report published Friday, Wells Fargo Securities analyst Maynard Um initiated coverage on

with an Outperform rating. In the report, Wells Fargo Securities noted, “Our Outperform rating is predicated on Nimble Storage's growth opportunity from 1) material market share gain opportunity due to its relative nascency, 2) continued growth in its SMB market, 3) the market expansion opportunity in large enterprise driven, in part, by new products, 3) international expansion growth, 4) repeat customer buying patterns, and 5) channel leverage.” Nimble Storage closed on Thursday at $26.19.