Nutanix price target raised to $33 from $29 at Piper Sandler

Piper Sandler analyst James Fish raised the firm’s price target on Nutanix to $33 from $29 and keeps an Overweight rating on the shares. While the stock is being partially supported by a potential takeout, Nutanix started fiscal 2023 off strongly, even when normalizing for better shipments than anticipated as the company did see some backlog flush benefit and a very strong federal quarter, Fish tells investors in a research note. Nutanix showed an acceleration, and the ongoing renewals cycle is driving the majority of the strength and should remain an incremental driver through fiscal 2024, says the analyst.