Nutanix price target raised to $80 from $72 at Needham

Needham raised the firm’s price target on Nutanix (NTNX) to $80 from $72 and keeps a Buy rating on the shares. The company’s Q3 results topped all previously guideded metrics, and the post-earnings weakness reflected the market’s heightened expectations as Nutanix shares were up 24% since its prior earnings report, the analyst tells investors in a research note. Longer-term, the Nutanix thesis is intact as its Cisco (CSCO) partnership represents a source for new customer acquisition and Broadcom’s (AVGO) acquisition of VMware creates a multi-year opportunity for market-share gains, Needham adds.