Nutanix price target raised to $45 from $35 at KeyBanc

KeyBanc raised the firm’s price target on Nutanix to $45 from $35 and keeps an Overweight rating on the shares, following a beat and raise Q4 where Nutanix saw strong renewals and guided for higher-than-expected free cash flow for FY24. The firm believe Nutanix’s value proposition “may be increasing”, particularly with increased focus on hybrid cloud architectures and related cost optimization.