Nutanix price target raised to $33 from $24 at BofA

BofA analyst Wamsi Mohan raised the firm’s price target on Nutanix to $33 from $24 and keeps a Neutral rating on the shares. Nutanix reported a revenue and ACV billings beat for Q1, and management delivered the first operating margin positive quarter, Mohan tells investors in a research note. Management maintained ACV billings and revenue guidance for FY23, which bakes in a conservative view of the macro, Mohan contends, adding that he expects tougher macro headwinds to persist, and thinks weakening enterprise demand could subdue new ACV billings growth, partially offset by the more positive trajectory of cash flow.