Wells Fargo analyst Aaron Rakers lowered the firm's price target on Nutanix to $33 from $38 and keeps an Equal Weight rating on the shares. The analyst notes that the company delivered what he would consider in-line Q2 results, but reduced 2020 Software + Support TCV revenue and billings guide to reflect a $25M-$30M incremental billings impact from a faster subscription model transition and an implied $35M-$40M billings guide reduction via increased demand caution over potential COVID-19 impact. While Rakes expect Nutanix shares to come under pressure given the reduced guide, he would consider a 20%-plus pull-back to be "potentially overdone" for longer-term patient investors.