UPDATE: Bank of America Downgrades Fusion-IO to Neutral, Lowers PT on Multiple Negative Factors

In a report published Thursday, Bank of America analyst Scott D. Craig downgraded the rating on

from Buy to Neutral, and lowered the price target from $24.00 to $15.00. In the report, Bank of America noted, “We downgrade Fusion-io stock to Neutral. While we continue to believe in the high growth flash/PCIe market, potential issues include: (1) uncertainty under new CEO, (2) elusive customer diversification beyond Facebook and Apple, (3) worse than expected visibility, and (4) significant, unforseen GM% pressure (likely structural, to gain hyperscale market share). The stock could find support given the YTD decline, although we see downside risk to the company's/consensus F14 outlook.” Fusion-IO closed on Wednesday at $14.90.