In a report published Thursday, Jefferies analyst Ross MacMillan reiterated a Hold rating on VMware VMW, but lowered the price target from $82.00 to $$75.00.
In the report, Jefferies noted, “Our recent channel survey (see: Virtualization Survey: Encouraging Results) suggest a decent 2Q13 and increased Y/Y license growth v 1Q13. In addition, CY13 growth expectations increased 2pp which gives us higher conviction in the 2H13 re-acceleration case. However, with around two thirds of workloads virtualized by end CY13 and other TAM opportunities unclear, we keep our Hold.”
VMware closed on Wednesday at $67.14.
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