Nutanix (NTNX) PT Raised to $90 at Needham

Needham analyst Mike Cikos raised the price target on Nutanix (NASDAQ: NTNX) to $90.00 (from $80.00) while maintaining a Buy rating.

The analyst commented: "Nutanix reported a strong quarter, with healthy Revenue outperformance and significantly stronger Operating Margin. We specifically highlight New Logos acquired, which demonstrates (1) early success with recently launched go-to-market partnerships; as well as (2) share gains versus competitors due to M&A disruption. Despite stronger than expected results in 1QFY25 and Revenue guidance above projections in 2QFY25, management left its FY25 outlook unchanged. In our view, we believe this is a conservative approach where Nutanix has just closed the first book of the quarter, and note management has built a solid track record of appropriately setting expectations. Meanwhile, Operating Margin expansion allows flexibility for the company to continue investing in Sales & Marketing and Research & Development to address the broader opportunity."

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