UPDATE: Oppenheimer Upgrades VMware to Outperform, Raises PT to $100

Oppenheimer upgrades VMware

to Outperform on valuation and sets the price target to $100 per share. Oppenheimer says the upgrade is based on: "1) VMW's clear market leadership position in virtualization; 2) strong cash flows; 3) solid fundamentals; and 4) reasonable valuation. VMW is exposed to strong secular growth drivers, and is focused on high growth markets (Up 20% YoY), and management continues to deliver solid consistent execution. Given a recent retreat in share price we view current levels as an attractive entry point for large cap investors seeking ~20% revenue growth rates." VMW closed at $83.67 per share on Friday.