UPDATE: Piper Jaffray Downgrades Fusion-io to Neutral on Guidance

Piper Jaffray downgraded Fusion-io

from Overweight to Neutral and lowered the price target from $33.00 to $18.00. Piper Jaffray commented, "We are downgrading shares of FIO to Neutral due to slower earnings growth expectations following the disappointing guidance for FY13. While we are still convinced the flash storage market remains robust, evidenced by the 66% growth in enterprise revenue this quarter, we expect shares to remain range bound over the next 6-12 months, until Apple and Facebook resume spending on new projects. We are somewhat concerned this 6 month deferral could provide ample time for the competition to improve their products." Fusion-io closed at $20.09 on Wednesday.