Here's Why KeyBanc Sees 39% Upside In Nutanix

Here's Why KeyBanc Sees 39% Upside In Nutanix
  • KeyBanc analyst Thomas Blakey initiated coverage of Nutanix Inc NTNX with an Overweight rating and a $39 price target, suggesting an upside of 38.74%.
  • The recent acceleration, new product cross-sell, and go-to-market partnerships have influenced his above-Street revenue and ACV billings outlook.
  • Blakey further notes that he sees potential rerating with about 50% of revenue from subs by FY24 and ramp in free cash flows that offer further upside.
  • Nutanix provides native, hybrid cloud capabilities for businesses. The company offers Enterprise Cloud Platform to businesses for web-scale engineering and consumer-grade design, virtualization, and storage into a resilient and software-defined solution.
  • Price Action: NTNX shares traded higher by 3.17% at $29.00 in the premarket session on the last check Wednesday.
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