UPDATE: Oppenheimer Starts Nutanix (NTNX) at Outperform
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(Updated - October 25, 2016 9:09 AM EDT)
Oppenheimer initiated coverage on Nutanix (NASDAQ: NTNX) with an Outperform rating and a price target of $36.
Analyst Ittai Kidron said, "We're bullish on Nutanix's growth prospects given (1) its differentiated Acropolis OS and innovative hyperconverged solution that's displacing legacy data center solutions due to its low cost and ability to make IT "invisible"; (2) a large TAM (~$5.4B in '16, 24.2% 2015-20E CAGR) that will get larger longer term as hyperconverged displaces more traditional storage ($22.4B) and server ($55.7B) deployments; and (3) a successful land-and-expand business model that's driving strong customer additions (3,768, up 109.4% YoY) and sales expansion (Global 2000 customers expanding 7.2x over first 18 months). Our $36 PT is supported by Nutanix's strong and sustainable growth profile (51.3% FY16-18E CAGR)."
Shares of Nutanix closed at $29.77 yesterday.
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