Mizuho Securities Reiterates Neutral on VMware (VMW) Following Annual Event

September 1, 2016 7:23 AM EDT
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Mizuho Securities reiterated a Neutral rating on VMware (NYSE: VMW), and raised the price target to $66.00 (from $61.00), after attending the company's annual event in Las Vegas. Takeaways did not materially alter Mizuho's view that the company's cloud strategy remains somewhat ambiguous.

Analyst Abhey Lamba commented, "We attended VMware's annual event in Las Vegas. Management remains very focused on building its presence in hybrid computing environments and is executing against the opportunity in its emerging products portfolio. That said, we believe fundamental challenges persist and recent NSX/VSAN growth is unlikely to offset declines in core compute. Further, issuance of the tracking stock next week could weigh on the common stock. We maintain our Neutral rating while adjusting our PT to $66 from $61 to account for marginally higher confidence in estimates."

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 $73.33 yesterday.

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