Drexel Hamilton Raises Price Target on VMware (VMW) Following 3Q

October 27, 2016 8:27 AM EDT
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Price: $81.16 --0%

Rating Summary:
    23 Buy, 28 Hold, 5 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 8 | Down: 3 | New: 1
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Drexel Hamilton reiterated a Buy rating on VMware (NYSE: VMW), and raised the price target to $90.00 (from $85.00), following the company's 3Q earnings report. VMware reported non-GAAP sales of $1.778 billion that beat the Street at $1.763 billion. Pro forma EPS of $1.14 beat the Street's $1.10. Management expects 4Q revenue of $1.965-2.015 billion (Street is at $1.956 billion) and EPS of $1.37-1.41 (Street is at $1.37).

Analyst Brian White commented, "Last night, the recovery at VMware continued with a stronger than expected 3Q:16 performance and a better than anticipated 4Q:16 outlook. As such, we are adjusting our revenue and EPS estimates higher, while raising our price target to $90.00 from $85.00."

For an analyst ratings summary and ratings history on VMware click here. For more ratings news on VMware click here.

Shares of VMware closed at $73.31 yesterday.



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