Nutanix downgraded to Market Perform from Outperform at Raymond James

Raymond James analyst Simon Leopold downgraded Nutanix (NTNX) to Market Perform from Outperform without a price target The shares are appropriately valued following the recent rally, the analyst tells investors in a research note. The firm says that in addition to share price appreciation, Nutanix’s market dynamics have changed, reflecting increased uncertainty regarding IT spending as a result of the introduction of tariffs that potentially stress customers’ budgets. As such, Raymond James sees risk to negative revisions to fiscal 2026 estimates and/or multiples applied to the stock.