Summit Insights Adds VMware (VMW) to Best Ideas List
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Summit Insights analyst Srini Nandury reiterated a Buy rating and $200.00 price target on VMware (NYSE: VMW) following the spin-off announcement made by Dell last week.
The analyst stated "We took out Vmware from our best ideas after the recent departure of Pat Gelsinger. We noted at that time, we will add back Vmware when the Dell ownership issue will be known for certainty". "We believe Vmware is well-positioned to benefit from the recovery in on-prem spending post-pandemic. Revenue continues to be driven by strength in subscription and SaaS revenue, while the last three-quarters of on-prem revenue was impacted due to the closure of data centers. Vmware is one of the best-positioned enterprise software names that is directly tied to the growth of Cloud".
Shares of VMware closed at $164.10 yesterday.
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