UPDATE: Sterne Agee Downgrades Vmware to Neutral on Lack of Near Term Catalysts

Sterne Agee downgraded Vmware

from Buy to Neutral and announceed an $86.00 price target. Sterne Agee commented, "VMW continues to see positive growth with vCloud bookings but broader macro challenges, tough comps and saturation of the core vSphere opportunity are impacting the top line for at least the next 6 months. We see increased near-term volatility as investors look to further reassess the long-term growth profile of license revenue." Vmware closed at $98.32 on Monday.