Oppenheimer Trims PT on VMware (VMW) Following Q4 Results, Outlook

January 29, 2013 8:46 AM EST
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Oppenheimer lowers its price target on VMware (NYSE: VMW) from $110 to $100 but keeps its Outperform rating following solid Q4 results but weak outlook.

Analyst Shaul Eyal comments, "VMW delivered a solid 4Q12 but issued a below-Street FY13 outlook, and announced a two-tiered realignment plan to allocate necessary resources to core areas such as SDDC, cloud, and end-user computing while de-emphasizing non-core (i.e. SlideRocket). New management believes it's the right time for this two-tiered alignment to capture long-term growth. This, coupled with below-consensus guidance for FY13, could leave investors with a sour taste in their mouths. We'd buy the shares after the smoke clears as we still see room for top-line/EPS growth given conservative guidance."

For an analyst ratings summary and ratings history on VMware click here. For more ratings news on VMware click here.

Shares of VMware closed at $98.32 yesterday.

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