VMware (VMW) Reports 3Q EPS of $1.02; Drexel Hamilton Reiterates Hold Rating
Drexel Hamilton reiterated a Hold rating on VMware (NYSE: VMW), and cut the price target to $73.00 (from $80.00), following the company's 3Q15 earnings results. VMware reported 3Q:15 non-GAAP sales of $1.67 billion, with pro forma EPS of $1.02.
Analyst Brian White commented, "Last night, VMware delivered upside in 3Q:15; however, we are reducing our estimates for 2016 (excluding the Virtustream JV) and cutting our 12- month price target to $73.00 from $80.00."
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Shares of VMware closed at $68.76 yesterday.