UPDATE: Drexel Hamilton Upgrades VMware to Buy on Upcoming Executive Rank Changes

Drexel Hamilton raised its rating on VMware

from Hold to Buy and maintained its price target price at $110 per share. Drexel Hamilton noted, "Although not specifically stated we believe the executive changes set up a possible CEO succession plan for EMC, which we think benefits investors. The executive changes were announced following an unsubstantiated news report the day before that VMware's CEO was being replaced. VMware also announced preliminary 2Q12 results that are ahead of expectations, which we think is exceptional given the currency headwind the company encountered during the quarter." VMware closed at $91.04 on Tuesday.