UPDATE: Piper Jaffray Lowers PT on Fusion-IO on Limited Visibility

In a report published on Monday, Piper Jaffray analyst Andrew Nowinski reiterated a Neutral rating on Fusion-io (NYSE: FIO) and lowered the price target from $18.00 to $15.00.

In the report, Piper Jaffray stated, “Sentiment surrounding shares of FIO still remains starkly negative, evidenced by the 41% short interest. Spending at Facebook may be on the verge of returning to historical levels, but visibility at Apple still remains largely unclear. As such, we lowered our FY14 estimates to $550M (cons $572M). If the new CEO continues the historical precedent of providing annual guidance on the FQ4 earnings call, we believe it will factor in more conservative assumptions for both Core and Strategic growth than the Street is expecting.”

Fusion-IO closed Friday at $13.67.