VMware (VMW) Beats and Guides Up with Help from Carbon Black, Stifel PT Rises to $178

Stifel analyst, Brad Reback, reiterated the Hold rating on VMware (NYSE: VMW) and raised the price target of $178.00 (from $150.00) after the company reported solid results across the board driven by broad-based strength across all product segments and geos.Total revenue grew 11.6% Y/Y to $2,450M including ~$10M in revenue from Carbon Black. Total billings of $2,657M improved 12% Y/Y but rose up 18% Y/Y when including the ~$150M in deferred revenue from Carbon Black.

The analyst stated "VMware continues to execute well given healthy hybrid cloud secular drivers, a favorable IT spend environment, a strong product portfolio, and a growing partnership with AWS. We raise our target price to $178 as we roll forward our model to CY21, but continue to see limited room for further multiple expansion and expect the stock to trade in-line with peers".

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 $164.90 yesterday.

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