Citi Downgrades VMware (VMW) to Hold
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Citi downgrades VMware Inc (NYSE: VMW) from Buy to Hold. Price target lowered from $52 to $33.
Citi analyst says, "VMW has dramatically reset their model based on fumbled execution, diminished visibility due to a U.S. slowdown and signs Europe is catching the same cold, and a CEO change which introduces the potential for even more executive change and departures going forward. These changes could cause further disruption within a business that is already suffering execution issues. We are not moving to a Sell because VMW’s opportunity is still abundant and our new valuation framework assumes a 1x PEG."
VMware, Inc. is a provider of virtualization solutions from the desktop to the data center.
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