Needham & Company Maintains Bullish View on VMware (VMW) Following Analyst Day
- Top 10 News for 9/15 - 9/19: Markets Welcome Alibaba IPO; New iPhone Sets Records; Fed Remains Accommodative
- Alibaba (BABA) IPO Lights Up Wall Street
- Stock Futures Higher as Scotland Votes Down Independence, Alibaba's (BABA) IPO Prices
- Telefónica S.A. (TEF), Vivendi (VIVHY) Agree to $9.3B Deal for Global Village Telecom
- Are Yahoo! (YHOO) Investors Ready to 'Sell the News'? Analyst Weighs In
Needham & Company analyst Scott Zeller reiterated a Buy rating and $110 price target on VMware (NYSE: VMW) following the company's analyst day, saying long-term guidance is likely conservative.
Zeller comments, "The VMware analyst day focused on demonstrating that the company has executed on CEO Pat Gelsinger’s vision (arrived 2 yrs ago), and also on showing that VMW is positioned to benefit from Software Defined Datacenter (SDDC), End User Computing and Hybrid Cloud. These new areas represent nearly 70% of the “new TAM” the company is chasing, post “compute” (original virtualization market). “Broad strokes” for CY15 revenue were a slight disappointment at “mid-teens” vs. previous 16-20%. With license growth and ELAs invigorated in JuneQ, we believe management is being conservative."
The firm trimmed FY 2015 EPS from $4.39 to $4.20.
Shares of VMware closed at $100.78 yesterday.
You May Also Be Interested In
- UPDATE: KeyBanc Upgrades VF Corp. (VFC) to Buy
- Rite Aid (RAD) Price Target Reduced to $6.50 at Deutsche Bank Following Disappointing Guidance
- Wedbush Assumes Novavax (NVAX) at Outperform
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesNeedham & Company
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!