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. 

Must Read: Warren Buffett's 25 Favorite Stocks 

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn  more

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

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more

More from Markets

Stocks Lose Steam as Yields Hover Near 3% Threshold

Stocks Lose Steam as Yields Hover Near 3% Threshold

Video: Stop Using Student Loan Money to Buy Bitcoin

Video: Stop Using Student Loan Money to Buy Bitcoin

Let the Najarian Brothers Crash-Proof Portfolio

Let the Najarian Brothers Crash-Proof Portfolio

Facebook Sends Facial Recognition Notification in Error

Facebook Sends Facial Recognition Notification in Error

3 Hot Reads From TheStreet's Top Premium Columnists

3 Hot Reads From TheStreet's Top Premium Columnists