Nomura Securities Remains Sidelined on VMware (VMW) Following 2Q Beat and Raise
Nomura Securities reiterated a Neutral rating and $60.00 price target on VMware (NYSE: VMW) following the company's 2Q earnings report. VMW reported revenue of $1.69bn, ahead of the Street's estimate at $1.68bn. Management provided a solid set of guidance for 3Q’16 including license revenue of $667-697mn, total revenue of $1.738-1.788bn, and non-GAAP EPS of $1.08-1.11.
Analyst Frederick Grieb commented, "VMware’s 2Q’16 billings growth of 10% yoy (+10% yoy in cc) was above expectations for 6% reported yoy growth, and total revenue of $1.69bn (+6% yoy) was just ahead of the Street at $1.68bn (+5% yoy). Given the company’s beat, along with low expectations going in, shares were up 9% after hours."
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 $62.57 yesterday.