UPDATE: Credit Suisse Lowers PT on VMware Following Q1 Results

In a report published Wednesday, Credit Suisse analyst Philip Winslow reiterated an Outperform rating on VMware VMW, but lowered the price target from $110.00 to $100.00. In the report, Winslow noted, “In the face of difficult macroeconomic headwinds, VMware reported March quarter revenue, operating income, EPS, and deferred revenue results above both consensus and what was considered at the time conservative guidance-driven by strength in sales in the U.S., firm pricing dynamics, and strong early interest in vCloud Suite (which contributed to healthy ELA signings), vSphere Operations Management, and vSphere Data Protection. Further, the company provided June quarter guidance of license revenue of $515-535 million and total revenue of $1.210-1.240 billion, versus consensus expectations of $540 million and $1.255 billion, respectively. VMware also reiterated 2013 revenue guidance and increased its operating margin guidance range by 50 bps.” VMware closed on Tuesday at $75.70.