Nutanix price target lowered to $76 from $83 at Raymond James

Raymond James lowered the firm’s price target on Nutanix (NTNX) to $76 from $83 and keeps an Outperform rating on the shares. The firm’s fundamental thesis that Nutanix gains share from VMware following its acquisition by Broadcom (AVGO) remains intact, the analyst tells investors in a research note. Raymond James believes Nutanix’s growth can accelerate, but that its offerings cannot replace VMware entirely, though it can be a suitable replacement, particularly in hyperconverged infrastructure and increasingly for virtualization.