UPDATE: Wunderlich Raises PT on VMware to $95 (VMW)

Wunderlich is out with its report today on VMware VMW, raising its PT from $80 to $95. In a note to clients, Wunderlich writes, "Our $95 price target reflects approximately a 1.45x PEG ratio on our upwardly revised estimated FTM earnings. While this target reflects a premium P/E relative to the market, it reflects a PEG ratio only slightly above the two-year average PEG ratio for VMware and a slight premium to the 1.35x PEG multiple for the S&P 500. We believe a premium multiple is warranted by VMware's strategic position in enabling the deployment of cloud infrastructure." Wunderlich maintains Hold on VMW. At the time of posting, shares of VMW were trading pre-market at $98.88, up 1.00% from Wednesday's close.