Fusion-io Stock Rating Reaffirmed by Bank of America (FIO)
Fusion-io (NYSE:FIO)‘s stock had its “neutral” rating reiterated by Bank of America in a research note issued on Thursday, StockRatingsNetwork.com reports. They currently have a $11.00 price objective on the stock, down from their previous price objective of $12.00. Bank of America’s price objective suggests a potential upside of 27.31% from the company’s current price.
The analysts wrote, “Similar to last quarter, despite better F3Q revenue results ($101mn vs. our/Street prior $96/97mn), F4Q revenue guidance disappointed at ~$100-101mn, below our/Street prior $109/108mn. We believe quarterly revenue may have hit trough levels in F2Q at ~$95mn, although visibility to meaningfully higher revenue remains elusive. While strategic changes (new management, increased focus on OEM sales) should help revenue and visibility going forward, we believe this is a ‘show me’ story, which could take some time to play out and remain on the sidelines until we see evidence of execution and improved revenue growth/visibility. Neutral.”
Fusion-io (NYSE:FIO) traded down 10.74% on Thursday, hitting $8.64. 10,225,102 shares of the company’s stock traded hands. Fusion-io has a 52-week low of $8.32 and a 52-week high of $19.50. The stock’s 50-day moving average is $10.59 and its 200-day moving average is $10.4. The company’s market cap is $921.3 million.
Fusion-io (NYSE:FIO) last announced its earnings results on Wednesday, April 23rd. The company reported ($0.10) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.09) by $0.01. The company had revenue of $100.50 million for the quarter, compared to the consensus estimate of $96.70 million. During the same quarter last year, the company posted ($0.03) earnings per share. Fusion-io’s revenue was up 14.6% compared to the same quarter last year. Analysts expect that Fusion-io will post $-0.29 EPS for the current fiscal year.
Separately, analysts at Credit Agricole upgraded shares of Fusion-io from an “outperform” rating to a “buy” rating in a research note on Thursday, January 30th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and eight have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $12.81.
Fusion-io Inc (NYSE:FIO) is a provider of datacenter solutions that accelerate databases, virtualization, cloud computing, big data, and the applications that help drive business from the smallest e-tailers to some of the largest data centers, social media leaders, and Fortune Global 500 businesses.
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