NEW YORK (TheStreet) -- Shares of Nimble Storage Inc. (NMBL - Get Report) are higher by 5.02% to $27.83 on Monday morning following a ratings upgrade to "outperform" from "neutral" at Macquarie Group (MQBKY).
The firm said it raised its rating on the company, which provides customers with data storage platforms, based on the end of the stock's lock-up expiration overhand, and the belief secular challenges in the storage market are not going to harm the company.
Nimble Storage stock also received a boost this morning following the $1.1 billion deal SanDisk Corp.
(SNDK - Get Report) made to acquire the computer hardware and software company Fusion-io FIO as the deal has helped lift shares in the data storage sector.
Must Read: Warren Buffett's 25 Favorite Stocks
Other stocks rising on the news include NetApp Inc. (NTAP - Get Report) up 1.01% to $36.02, and Violin Memory Inc. (VMEM - Get Report) higher by 2.28% to $4.04 this morning.
STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more