UPDATE: Deutsche Bank Raising Price Target On VMWare (VMW)

Deutsche Bank is raising its price target on shares of VMWare VMW to $103, and it has a Hold rating on shares after it reported better than expected earnings. In a note to clients, Deutsche Bank writes, "VMW reported a strong quarter beating estimates across the board. License revenue growth of 34% y/y outperformed expectations and guidance, driving strength in the quarter. The results reiterate VMW's leadership and the strong demand momentum in the cloud/virtualization space. The stock has been down -3% YTD, underperforming the market, but was up 12% in the after-market. At 21x, we believe the risk/reward is balanced and maintain our HOLD and raise our PT to $103." Shares of VMW are up $11.03 to $97.00 in pre-market trading, a gain of 12.8%.