Jefferies Raises Price Target on VMware (VMW) to $91 Following Better Than Expected 3Q

October 27, 2016 7:31 AM EDT
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Price: $81.49 --0%

Rating Summary:
    23 Buy, 30 Hold, 4 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 10 | Down: 16 | New: 50
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Jefferies reiterated a Buy rating on VMware (NYSE: VMW), and raised the price target to $91.00 (from $89.00), following the company's 3Q earnings report. Non-GAAP EPS of $1.14 on total revenue of $1.778B and license of $691M exceeded consensus of $1.10, $1.763B, and $685M, respectively. Also, both total and license billings growth accelerated to 13% and 10% cc, respectively.

Analyst John DiFucci commented, "VMware exceeded 3Q expectations and raised guidance for 2016, while also indicating continued momentum into 2017. Reminiscent of years past, license billings grew double digits on a constant currency basis for the first time since 2014, as almost all businesses (even compute) grew, though End User Computing bookings declined low-single digits."

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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