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More on EMC/VMware: EMC (EMC +5.3%) is guiding for VMware (VMW -1.3%) to produce 2013 operating...

More on EMC/VMware: EMC (EMC +5.3%) is guiding for VMware (VMW -1.3%) to produce 2013 operating cash flow of $1.875B and free cash flow of $1.525B. That's well below Stifel's consensus figures of $2.37B and $2.01B. UBS' Brent Thill defends VMware, arguing EMC's forecast is conservative given it implies a 9% Y/Y drop in VMware's operating cash flow for the rest of 2013 (it grew 17% in Q1). Thill sees such a decline as unlikely in light of strong renewal trends for VMware's costly enterprise license agreements (ELAs).
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