UPDATE: Lazard Capital Markets Upgrades Fusion-io to Buy; Story Intact Post Guidance Surprise

Lazard Capital Markets upgraded Fusion-io FIO from Neutral to Buy and announced a $23.00 price target. Lazard Capital Markets noted, "We are upgrading shares of FIO to BUY from NEUTRAL as we see little change to the story after last night's negative surprise. Customer concentration and its associated lumpiness is a fundamental aspect of the business, but with the reset we believe numbers now adequately compensate for this. Checks continue to suggest that competition is at bay and that Fusion-io continues to command a meaningful technology lead over competitors." Fusion-io closed at $20.09 on Wednesday.