Needham & Company Starts Nutanix (NTNX) at Buy
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Needham & Company initiates coverage on Nutanix (NASDAQ: NTNX) with a Buy rating and a price target of $36.00.
Analyst Richard Kugele commented, "We believe disruption in the traditional datacenter world has a name (hyperconvergence), a poster child (Nutanix), and now a ticker (NTNX). For the past 18 months we have been extensively writing about the virtues of HCI in collapsing traditional IT storage arrays by implementing software-defined architectures to help deliver cloud-like economics for on-premise and hybrid environments. We believe NTNX represents an opportunity for investors to directly participate in this disruption through one of the companies at the vanguard of innovation on the topic. We initiate coverage of NTNX with a Buy rating."
Shares of Nutanix closed at $29.77 yesterday.
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