Needham & Company Reinstates VMware (VMW) at Hold
- Wall Street declines as some post-election gainers reverse
- The FTC Confirms Antitrust Charges Against Qualcomm (QCOM) for Monopolizing Semiconductor Device Used in Cell Phones
- United Airlines (UAL) Tops Q4 EPS by 5c
- Obama shows clemency to Manning, intelligence analyst behind leaks
- Big 5 Sporting Goods (BGFV) Q4 Comps Rise 3.1%; Guides Q4 Above the Street
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
Needham & Company reinstates coverage on VMware (NYSE: VMW) with a Hold rating.
Analyst Scott Zeller commented, "We are reinstating coverage of VMW at HOLD. On Sept 7, 2016, Dell’s acquisition of EMC closed after first being announced in October 2015. Despite the acquisition of EMC, VMW's controlling shareholder, VMware shares will continue to trade as VMW. We think the prospects for VMW have improved since the beginning of this year following a restructuring and the subsequent “undoing” of the plan to merge Virtustream from EMC into VMW’s cloud practice. The reversal of the Virtustream plan was key for shares, as the original plan had a high CY16 capex of $625m, which would have impacted FCF. Free cash flow guidance for CY16 has been increased to JuneQ’s guidance of $2.13B, and shares have responded positively. In an August press interview, VMW reaffirmed CY16 revenue and cash flow guidance."
Shares of VMware closed at $72.76 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- VMware (VMW): VAR Checks Indicate Business Momentum Is Accelerating - William Blair
- Bernstein Starts FMC Technologies (FTI) at Underperform
- UPDATE: JPMorgan Downgrades OneMain (OMF) to Neutral
Create E-mail Alert Related CategoriesAnalyst Comments, New Coverage
Related EntitiesNeedham & Company, Definitive Agreement
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!