KeyBanc raised the firm’s price target on Nutanix (NTNX) to $60 from $51 and keeps an Overweight rating on the shares. The firm’s new target is based on 7.7-times 2024 EV/Revenue, a slight premium to its positive free cash flow software peers that trade at 7.0-times NTM EV/Revenue, in addition to expanding multiples. KeyBanc believes the premium is warranted given the healthy hybrid cloud demand trends, in addition to the early success it is seeing with the Cisco (CSCO) partnership. The firm also notes that according to its Q4 IT VAR survey and channel checks, sentiment in 2024 remains hopeful despite 2023 ending worse than expected.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on NTNX:
- Nutanix price target raised to $58 from $50 at Piper Sandler
- The cloud automation software stocks to own in 2024, according to Piper Sandler
- Nutanix could benefit from changes to pricing at VMware, says BofA
- Nutanix price target raised to $54 from $47 at RBC Capital
- Nutanix price target raised to $54 from $44 at Needham