Piper Sandler raised the firm’s price target on Nutanix (NTNX) to $76 from $67 and keeps an Overweight rating on the shares following quarterly results. The firm says there was a lot to like from the release, including upside primarily coming from subscription, lead metrics remaining strong and above revenue growth, net-new customers increasing quarter-over-quarter that helped drive new-only subscription license to grow year-over-year, over 120% NRR being maintained, opportunities building around GPT-in-a-Box, VMware (AVGO), and Cisco (CSCO) that still aren’t materially contributing yet, and impressive free cash flow generation as it beat estimates by about 100% at scale.
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