Nutanix price target raised to $67 from $58 at Piper Sandler

Piper Sandler analyst James Fish raised the firm’s price target on Nutanix (NTNX) to $67 from $58 and keeps an Overweight rating on the shares. The firm notes there has been a large uptick in interest in Nutanix over the last few quarters given potential micro-catalysts surrounding the Cisco (CSCO) and VMware (AVGO) opportunities. While there is a wide range of outcomes, Piper’s base-case assumptions imply Cisco at $75/year and VMware at $130M/year after 2024.