Oppenheimer analyst Ittai Kidron reiterated a Buy rating on VMware (VMW) today and set a price target of $170. The company’s shares closed yesterday at $143.74, close to its 52-week high of $146.17.
Kidron noted:
“VMware is one of our top picks for 2019. Our bullish thesis is based on: (1) a growing number of near-term hybrid-cloud growth levers; (2) early traction of VMC on AWS and its long-term value-creation potential; (3) multiple product upsell opportunities (SDDC and new the removal of the DVMT overhang (reverse-merger scenario). Overall, these opportunities reinforce VMware’s on-premise strategic importance, offer top-line upside opportunities, and mitigate growing concerns related to a slowing macro environment. With a broader hybrid- cloud portfolio, VMware is well positioned. We’re tweaking estimates and lowering our PT to $170 from $180 to account for its recent $11B dividend. Maintain Outperform.”
According to TipRanks.com, Kidron is a top 25 analyst with an average return of 25.7% and a 66.5% success rate. Kidron covers the Technology sector, focusing on stocks such as Citrix Systems, New Relic Inc, and Cloudera Inc.
Currently, the analyst consensus on VMware is a Moderate Buy with an average price target of $176.25, implying a 22.6% upside from current levels. In a report issued on January 4, KeyBanc also reiterated a Buy rating on the stock with a $172 price target.
.
See today’s analyst top recommended stocks >>
The company has a one-year high of $146.17 and a one-year low of $90.10. Currently, VMware has an average volume of 1.48M.
Based on the recent corporate insider activity of 74 insiders, corporate insider sentiment is negative on the stock.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
VMware, Inc. engages in the provision of cloud infrastructure and business mobility. Its products include Software-Defined Data Center, Hybrid Cloud Computing, and End-User Computing. It supports modernizing data centers, integrating public clouds, empowering digital workspaces and transforming security.
