Nutanix price target raised to $88 from $76 at Piper Sandler

Piper Sandler raised the firm’s price target on Nutanix (NTNX) to $88 from $76 and keeps an Overweight rating on the shares. The firm says Q3 results were about what it expected, with its estimates relatively unchanged ahead, and Nutanix having a clean Q3 for the first time since FY21. While some will pick on the billings miss, this was a clear mis-model and misunderstanding by the Street in terms of prior large wins “flushing” and seeing term-license revenue get recognized out of deferred revenue that had previously been messaged for this quarter, Piper argues.