NEW YORK (TheStreet) -- Shares of Nimble Storage (NMBL)  were increasing 4.54% to $9.22 in early morning trading on Wednesday as Barclays raised the San Jose, CA-based storage technology vendor's price target this morning to $10 from $9 following its better-than-expected second quarter results. 

The firm maintained its "equal weight" rating on the stock and noted its second quarter results demonstrate that Nimble's revamped growth strategy is making strides. 

After yesterday's market close, Nimble reported an adjusted loss of 19 cents per share, beating Wall Street's projected loss of 20 cents per share. 

Revenue rose 21% year-over-year to $97.1 million, surpassing analysts' expectations of $94.7 million.

Barclays said the company's all-flash array sales momentum and accelerating year-over-year growth with cloud service providers stood out in the last quarter. 

"Overall, Nimble appears upbeat about its win rate versus incumbents such as NetApp (NTAP) and also first-mover Pure Storage (PSTG)," Barclays continued in an analyst note.

For the third quarter, Nimble forecasts an adjusted loss between 17 cents per share and 19 cents per share on $101 million in revenue. Barclays is looking for revenue of $96.8 million in the third quarter. 

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:

We rate NIMBLE STORAGE INC as a Sell with a ratings score of D-. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.

You can view the full analysis from the report here:

NMBL

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