Goldman Sachs Maintains Neutral on BMC Software (BMC)

Goldman Sachs is out with its report today on BMC Software

, maintaining Neutral. In a note to clients, Goldman Sachs writes, "We view the BMC model as resilient, with a high proportion of recurring revenue and commitment to margins, although significant exposure to the mainframe platform tempers total company growth. BMC's high-end operations management portfolio should benefit from the current private and public cloud build-out trend. However, the company could lose market share as virtualization platform vendors such as VMware strengthen their management capabilities. Our 12-month price target of $53.00 is based on a triangulation of historical P/E multiples, current EV/adjusted FCF/growth multiples, DCF analysis and potential M&A premium." At the time of posting, shares of BMC were trading at $47.07, up 0.19% from Friday's close.