Fusion-IO Surging 13% After Upgrade

Shares of Fusion-IO FIO are seeing much strength early in Tuesday trading session, with shares at one point trading over 15% higher. This morning, Morgan Stanley upgraded Fusion-IO to Overweight from Equal-weight with a $30 price target. Morgan Stanley said that the recent pullback post lock-up expiration presents an opportunity to own the leader in enterprise flash, a market that could nearly triple in 2012. “Fusion-IOs competitive lead and maturing relationships could drive the stock to our $30 price target; Upgrade to Overweight (from Equal-weight).” Currently, shares of Fusion-IO are trading over 13% higher at $27.44.