UPDATE: Oppenheimer Upgrades VMware (VMW) to Outperform
- Oil steadies on doubts output cut will end global glut
- Western Digital (WDC) Raises Q2 Outlook
- Dollar edges up vs yen as traders eye ECB meeting for cues
- Foxconn says in preliminary discussions to expand U.S. operations
- Dave & Buster's Entertainment (PLAY) Tops Q3 EPS by 11c, Raises FY Revenue Guidance
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
(Updated - October 31, 2016 9:33 AM EDT)
Oppenheimer upgraded VMware (NYSE: VMW) from Perform to Outperform with a price target of $90.
Analyst Ittai Kidron said, "Our positive stance is based on (1) recent AWS and IBM partnerships, which validate VMware as a critical hybrid cloud partner; (2) now, a more complete software-defined data center (SDDC) vision; (3) improved product diversity, with new solutions offsetting challenges to core; and (4) our belief that VMware can deliver EPS upside and that the shares undervalue this upside opportunity and over-discount cloud risks. We also note the possible positive impact of Dell's distribution channel, pegged by VMware at $1B annual revenue. We see upside as investors gradually buy into VMware's hybrid cloud strategy and VMware delivers consistent EPS upside, disproving concerns about growth/public cloud."
Shares of VMware closed at $77.65 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Susquehanna Upgrades Caleres (CAL) to Positive
- UPDATE: Oppenheimer Upgrades Pandora (P) to Outperform
- Sigma Designs (SIGM): Revenue Headwinds Drive PT Cut - Baird
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Upgrades
Related EntitiesIttai Kidron
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!