Analyst Explains Why They Downgraded Their Rating on VMware (VMW)
In a report released today, Nehal Chokshi from Northland Securities downgraded VMware (VMW) to Hold, with a price target of $169.00. The company’s shares closed last Wednesday at $155.49, close to its 52-week high of $161.95.
According to TipRanks.com, Chokshi is a 5-star analyst with an average return of 20.7% and a 62.1% success rate. Chokshi covers the Technology sector, focusing on stocks such as Super Micro Computer, Palo Alto Networks, and Avid Technology.
VMware has an analyst consensus of Moderate Buy, with a price target consensus of $167.00, representing a 7.9% upside. In a report issued on April 8, Merrill Lynch also initiated coverage with a Hold rating on the stock with a $175.00 price target.
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The company has a one-year high of $161.95 and a one-year low of $121.78. Currently, VMware has an average volume of 1.28M.
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VMware, Inc. is a software company from California which provides cloud infrastructure and business mobility. It supports modernizing data centers, integrating public clouds, empowering digital workspaces and transforming security. It generates revenues from license, subscription and SaaS [software as a service], and services. The company is a subsidiary of Dell Technologies, Inc.