UPDATE: FBN Initiates STEC at Outperform

FBN is out with its report today on STEC (NASDAQ: STEC), initiating STEC at Outperform.

In a note to clients, FBN writes, "We are initiating coverage of enterprise SSD (solid state disk) leader STEC with an Outperform rating and $20PT. STEC has a leadership position in the fast-growing enterprise SSD market. We expect this market to grow from $1.3B in revenue in 2011 to $3.4B in 2014 (3-yr. CAGR of 38%), while enterprise SSD units are expected to grow from 1.2M units in 2011 to 4.7M in 2014 (3-yr. CAGR of 58%) to comprise 45% of SSD industry revenue."

At the time of posting, shares of STEC were trading pre-market at $17.25, up 3.54% from Monday's close.