Needham raised the firm’s price target on Nutanix (NTNX) to $44 from $33 and keeps a Buy rating on the shares. The company’s Q4 results were “strong” with ACV billings “well above” expectations” and the initial FY24 guidance that was better than expected on every metric, the analyst tells investors in a research note. The management’s $350M share repurchase program is also validating the management’s focus on improving Free Cash Flow and demonstrating conviction, the firm states, adding that Nutanix is also beginning to benefit from the pending acquisition of VMware (VMW) by Broadcom (AVGO).
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