Why Nimble Storage (NMBL) Stock Is Gaining This Morning

NEW YORK (TheStreet) -- Shares of Nimble Storage Inc. (NMBL) 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) made to acquire the computer hardware and software company Fusion-io FIO as the deal has helped lift shares in the data storage sector. 

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Other stocks rising on the news include NetApp Inc. (NTAP) up 1.01% to $36.02, and Violin Memory Inc. (VMEM) higher by 2.28% to $4.04 this morning.

NMBL Chart NMBL data by YCharts

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