Needham & Company Maintains Bullish View on VMware (VMW) Following Analyst Day
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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.
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