Summit Redstone Starts Nutanix (NTNX) at Sell
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Summit Redstone initiates coverage on Nutanix (NASDAQ: NTNX) with a Sell rating and a price target of $16.00.
Analyst Srini Nandury commented, "Our contacts tell us that incumbents such as Dell/VMware, HP and Cisco are likely to be formidable competitors to Nutanix as they bring out their own versions to address the HCI market. We think the competitive threat to Nutanix is real and cannot be overlooked. Overall we believe the intensity and ferociousness of the competition could dampen the long term growth outlook for Nutanix."
He added, "Near term, we expect Nutanix to meet or beat estimates and manage expectations - we cautioned investors (see pre-IPO report) about the euphoria which may not last."
Shares of Nutanix closed at $34.70 yesterday.
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