UPDATE: Morgan Stanley Upgrades Nimble Storage On Raised Revenue Estimates

In a report published Wednesday, Morgan Stanley analyst Katy L. Huberty upgraded the rating on

from Equal-Weight to Overweight, and named a $38.00 price target. In the report, Morgan Stanley noted, “We raise revenue estimates above consensus and upgrade NMBL to OW with a $38 PT. Our recent meetings with management highlight: 1) new products will increase enterprise penetration, 2) Nimble's competitive moat is intact and sustainable, and 3) gross margins remain stable.” Nimble Storage closed on Tuesday at $27.88.