Jefferies analyst John DiFucci keeps a Hold rating on Nutanix with a $48 price target despite having greater visibility into the company's recurring revenue. The new revenue breakdown metrics during the last earnings call should allow for more accurate modeling, DiFucci tells investors in a research note. While the company's move from license sales tied to hardware to term-based and Software-as-a-Service sales is logical with long-term benefits, it could also introduce friction in the sales process, as it requires more customer education, says the analyst. Further, while the stock is not "egregiously expensive, especially for its meaningful growth, it's not cheap either," DiFucci writes.