Nutanix (NTNX) PT Raised to $38 at Oppenheimer
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Oppenheimer analyst Ittai Kidron reiterated an Outperform rating and lifted his price target on Nutanix (NASDAQ: NTNX) to $38.00 (from $36.00) following a strong quarter out of the gate as a public company.
Kidron commented, "Nutanix delivered a strong first quarter as a public company with sales and loss per share well ahead of expectations. The sales strength was broad-based including strong new customer adds, good large enterprise momentum, gains from its Dell/EMC partnership, and a stronger than expected federal contribution. The near-term view is equally encouraging with management doing a good job of balancing investment (sales expansion, gross margin stability, technology/product investment) with longer term financial goals, such as progressing toward its positive free cash flow target by the end of 2017. We remain positive on the story and believe Nutanix is well positioned at the sweet spot of enterprise data center spending. And while there's competition, we believe Nutanix can maintain a leadership position. Maintain Outperform."
Shares of Nutanix closed at $34.09 yesterday.
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