Bank of America Corp. Initiates Coverage on Violin Memory (VMEM)
Equities researchers at Bank of America Corp. began coverage on shares of Violin Memory (NASDAQ:VMEM) in a research report issued on Tuesday, Analyst Ratings.Net reports. The firm set a “buy” rating and a $10.00 price target on the stock. Bank of America Corp.’s price target points to a potential upside of 36.99% from the stock’s previous close.
The analysts wrote, “Violin Memory (VMEM) is positioned well within flash storage, which is growing quickly, and we believe valuation is attractive at these levels (2.1x our EV/C2014E sales). We are initiating with a Buy on 1) first mover advantage in a fast growing industry; 2) strong hardware IP; 3) expanding product portfolio (PCIe cards, caching appliances etc.); 4) experienced management; and 5) solid relationship with Toshiba (should help with NAND supply/pricing & potential sales opportunities).”
Other equities research analysts have also recently issued reports about the stock. Analysts at Deutsche Bank initiated coverage on shares of Violin Memory in a research note to investors on Tuesday. They set a “buy” rating and a $10.00 price target on the stock. Separately, analysts at JPMorgan Chase & Co. initiated coverage on shares of Violin Memory in a research note to investors on Tuesday. They set an “overweight” rating and a $7.30 price target on the stock. Finally, analysts at Robert W. Baird initiated coverage on shares of Violin Memory in a research note to investors on Tuesday. They set a “neutral” rating and a $8.00 price target on the stock. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $9.05.
Violin Memory (NASDAQ:VMEM) traded up 0.27% on Tuesday, hitting $7.32. 587,215 shares of the company’s stock traded hands. Violin Memory has a 52 week low of $6.81 and a 52 week high of $7.98. The stock’s 50-day moving average is $7.27 and its 200-day moving average is $7.27. The company’s market cap is $599.0 million.
Violin Memory, Inc is pioneering a new class of flash-based storage systems that are designed to bring storage performance in-line with high-speed applications, servers and networks.
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