Nutanix coverage steady amid 6%+ post-earnings drop [updated]

|About: Nutanix (NTNX)|By:, SA News Editor

Yesterday: Nutanix -4% despite above-consensus Q1 results, Q2 outlook

Assorted bullish ratings are reissued on the report at Needham & Co. (target $36), RBC Capital Markets ($36 to $38), JMP Securities and elsewhere.

Remaining sidelined, J.P. Morgan nonetheless increases target from $33 to $35 noting the firm's "very encouraged by the results and we expect Nutanix to continue to upend the IT infrastructure playbook," though continues to feel risk/reward is evenly balanced near present levels. Also adjusting target ($24 to $29), Susquehanna "came away encouraged," though "given the confluence of appropriate valuation, potential risk from an intensifying competitive environment and the prospect of a de-emphasized Dell OEM relationship combined with NTNX’s aggressive opex strategy," retains coverage at Neutral. Raymond James reissues stance at Market perform.

Nutanix (NASDAQ:NTNX) shares (current price $31.93) are currently 3% lower on the week, 30% higher on the month and nearly 14% lower since going public in late September.

Update: Outperform ratings reiterated at Credit Suisse and Oppenheimer & Co.