Wells Fargo Upgrades VMware (VMW) to Outperform; Growing Market Power
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Price: $142.48 --0%
Rating Summary:
17 Buy, 36 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
17 Buy, 36 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Wells Fargo upgraded VMware (NYSE: VMW) from Market Perform to Outperform with a price target range of $100-$120.
Wells analyst says, "We are upgrading VMware as we believe the company is well positioned to continue its growth trajectory. First, we think that the new vSphere price changes should drive increased license revenue growth in the out years. Second, it is our view that there is still ample runway in server virtualization. Third, we see potential incremental revenue streams in its management tools products. Given the points above, we have increased confidence that VMware can meet or possibly exceed our estimates. We believe that the shares have been weak since the Q2 results given broad economic concerns, and the higher multiple profile inherent in the stock. We acknowledge that it is a challenging economic environment and that the market is volatile, but we think VMware is a long-term winner."
For more ratings news on VMware click here and for the rating history of VMware click here.
Shares of VMware closed at $88.88 yesterday.
Wells analyst says, "We are upgrading VMware as we believe the company is well positioned to continue its growth trajectory. First, we think that the new vSphere price changes should drive increased license revenue growth in the out years. Second, it is our view that there is still ample runway in server virtualization. Third, we see potential incremental revenue streams in its management tools products. Given the points above, we have increased confidence that VMware can meet or possibly exceed our estimates. We believe that the shares have been weak since the Q2 results given broad economic concerns, and the higher multiple profile inherent in the stock. We acknowledge that it is a challenging economic environment and that the market is volatile, but we think VMware is a long-term winner."
For more ratings news on VMware click here and for the rating history of VMware click here.
Shares of VMware closed at $88.88 yesterday.
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