Macquarie Lifts Estimates On Nimble Storage, Believes Current Mgmt Will Be Able To Turn The Ship Around

Nimble Storage Inc

was highlighted in a research report Tuesday by Macquarie Research analysts as showing positive signs for growth within its sales and marketing areas. The firm believes management will recover its share gain again. Macquarie lifted estimates on Nimble Storage to an Outperform rating with a price target of $9.48 on Tuesday. "We adjust our FY17 estimates to reflect our belief that Nimble is likely to invest aggressively in sales and marketing in the fiscal first half of FY17 in order to reignite growth and drive market share gains in 2HFY17," the firm commented in a report. Macquarie Research believes the Hybrid Flash/ Disk Storage segment is likely to represent the majority of the mainstream Enterprise and Cloud Storage market. With Nimble Storage, the company is seen as a differentiator with its built-from-the-ground-up architecture remaining the best pure play on the trend. The San Jose based company's miss and guide down in 3QFY16 is being viewed as transitory by Macquarie Research and as the company returns to investing aggressively in its go-to-market effort, the firm noted it is "likely to recover its share gain momentum. The flash storage solutions company's stock is ahead of its 52-week low with -2.60 percent. Nimble Storage's stock price in November was volatile. The company's stock price hovered at 4.95 percent, standing at 5.27 percent for the week. NMBL reached a 1-year low price of $7.70. The company's stock is down -3.11 percent, reaching at $1.87 after remaining between $1.86 and $1.98.