Market Overview

UPDATE: Citi Upgrades VMware

Related VMW
EMC Corporation's Stake In VMware Inc. Stirred Hewlett-Packard Interest
Benzinga's M&A Chatter for Monday September 22, 2014
Old Tech is Cool Again Amid Frothy IPO Landscape (Fox Business)

In a report published Thursday, Citi analyst Walter Pritchard upgraded VMware (NYSE: VMW) to Buy from Neutral, raising its price target to $120.00 from $87.00.

According to the report, the upgrade follows a stable, upward bias to estimates and unassuming valuation leave a good set-up, even though stock has participated in recent rally.

“Our checks with resellers, recent survey work as well as deeper modeling suggest 2H13 growth trends remain sustainable into 1H14,” the report noted. “ELAs cycle appears more diffused than we estimated, while vSphere capacity / pricing is stable and vCloud management tools penetration is still low, but improving. Lastly, hiring plans in S&M look bullish. All of this supports accelerating double-digit growth in 2014.”

VMW closed Wednesday at $100.92 with shares trading up at 2.63 percent.

Latest Ratings for VMW

DateFirmActionFromTo
Sep 2014Maxim GroupInitiates Coverage onBuy
Sep 2014MKM PartnersInitiates Coverage onBuy
Jul 2014CLSAUpgradesOutperformBuy

View More Analyst Ratings for VMW
View the Latest Analyst Ratings

Posted-In: Citi Walter PritchardAnalyst Color Upgrades Analyst Ratings

 

Related Articles (VMW)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters