J.P. Morgan Expects Even More From VMware; Raises Price Target (VMW)

J.P. Morgan is raising its price target on VMware VMW to $70 from $60, due to VMware easily beating consensus estimates for 2Q and guiding above 3Q and full year estimates. J.P. Morgan raised the price target due to these areas of business, which appear to be gaining momentum: platform-as-a-service, the SMB market and ELA renewals. VMware shares are currently trading at $74.60‎, up $2.18 in pre-market trading.