Drexel Hamilton Raises Price Target on VMware (VMW) to $85; Reiterates Buy
Drexel Hamilton reiterated a Buy rating on VMware (NYSE: VMW), and raised the price target to $85.00 (from $77.00), following the company's 2Q earnings report. VMware reported sales of $1.69 billion that beat the Street at $1.68 billion, while pro forma EPS of $0.97 was also higher than the Street's at $0.95.
Analyst Brian White commented, "Last night, VMware delivered a better than expected 2Q:16 performance, a strong outlook for 3Q:16 and the company raised its 2016 guidance. As such, we are increasing our estimates and raising our price target to $85.00 from $77.00."
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Shares of VMware closed at $62.57 yesterday.