Nutanix price target raised to $39 from $34 at BofA

BofA raised the firm’s price target on Nutanix to $39 from $34 and keeps a Neutral rating on the shares after Nutanix beat all of the guided metrics and reported “record” quarterly revenue in fiscal Q4. The firm continues to believe that Nutanix can “march toward a rule of 40 business over time,” but BofA reiterates a Neutral rating given the tougher macro backdrop, though it adds this is being offset by “solid execution that is delivering on converting a strong renewal pipeline.”