UPDATE: Deutsche Bank Cut PT to $140 on VMware

Deutsche Bank lowers its price target from $145 to $140 on VMware

on indication of core business maturation. Deutsche Bank notes, "VMW's Q1'12 numbers were not a surprise as the company had already preannounced revenues to meet or slightly beat the guidance provided by the company. All the metrics came in above the street estimates, but the results do indicate a maturation of the core business with license revenues/billings growth declining to ~15% compared to the average growth of mid 30% seen in the past 4 quarters. Overall, a healthy quarter, but management remained cautious given the macro uncertainty and weakness in Europe." VMW closed at $111.29 on Wednesday.