Jefferies Raises Price Target on VMware to $124.00

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Analysts at Jefferies on Friday, March 28, 2014, released their new price target regarding VMware
VMW
. Equity analyst Ross raised the firm's price target from $114.00 to $124.00. The stock is currently trading for $106.29 per share as of Friday, March 28, 2014. The firm has cited numerous reasons related to its price target decision. “We believe VMW's vSAN product can drive incremental growth as it lowers storage cost, simplifies storage management and drives agility. Early feedback from the channel is positive. We believe vSAN can drive approx. >$200-800M incremental billings and we revise our CY15 estimates upward to reflect this opportunity. Reiterate Buy with a raised $124 target.” Jefferies has also cited its revnue as being a factor for its price target choice, “We are modelling mid-teens revenue growth through CY15.” Jefferies has a calendar year 2015 earnings per share estimate of 4.27 and a target multiple of 28x. Due to these reasons Jefferies has reiterated its “buy” rating. Shares of VMware have been on the rise for the past month; shares of the clouding company shave gained nearly 11 percent.
Posted In: EarningsNewsGuidance
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