By Sam Boughedda
Investing.com — Oppenheimer and RBC Capital’s analysts reduced their price targets on VMware Inc (NYSE:VMW) stock on Wednesday, preceding a fall in its shares.
VMware stock opened up the session at $134.50. However, they are down over 2.5% at $131.42 late in the session.
Oppenheimer analyst Ittai Kidron lowered VMware’s price target to $148 from $175, keeping an outperform rating on the shares after completing its spinoff from Dell Technologies (NYSE:DELL). Although Kidron lowered its price target, he is overall positive on the stock, feeling that it will now have greater flexibility with partnerships.
Analyst Matthew Hedberg at RBC Capital lowered VMware’s price target to $153 from $180, keeping an outperform rating. Hedberg was also optimistic about the spinoff despite the lowering of its price target. He said it gives the company the freedom to accelerate its growth strategy.
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