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Drexel Hamilton Sees Signs Of Life In VMware

Over the past two months, shares of VMware, Inc. VMW 1.23% have started to bounce back and the Street is taking notice. Earlier Tuesday, Drexel Hamilton's Brian White released a note saying the stock is showing signs of life in the spring.

White states the stock remains "extremely" attractive as the company enters into the seasonally strong portion of the year. He believes sentiment may pick up soon, especially considering VMworld is due to kick off in late August. Another reason to be optimistic in White's eyes is the growth in new areas such as NSX, vSAN, AirWatch and vCloud Air.

White does admit that while shares are up 5 percent year-to-date, they're still down 25 percent since the Dell-EMC deal. Despite this, White believes the company's operating should begin to accelerate in 2017 after operating profit cycle troughed in Q1.

White reiterated a Buy rating and a $77 price target for VMware.

Apr 2016Drexel HamiltonMaintainsBuy
Jan 2016FBR CapitalMaintainsMarket Perform
Jan 2016BairdDowngradesOutperformNeutral

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