Analyst Abhey Lamba from Mizuho Securites reiterates his Neutral rating on VMware, Inc. (NYSE:VMW) with a raised price target of $61, marking a 2.5% decline from current levels. This increase comes after the company released its 2Q earnings.

The company exceeded expectations for total license revenue as well as for total revenue. VMware now anticipates 2016 revenues to be between $6.950-7.050 billion. The analyst states that declines in “core compute moderated slightly while emerging products such as NSX and vSAN continue to show strength.” While Lamba notes an uptick in performance, he is “wary of calling inflection just yet.”

 According to TipRanks, Lamba has a success rate of 70% with an average return of 9.7% per recommendation.