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Fly News Breaks for August 15, 2019
PVTL, VMW
Aug 15, 2019 | 09:40 EDT
BMO Capital analyst Keith Bachman keeps his Outperform rating on VMWare (VMW) with a price target of $198 but says he is not supportive of its confirmed agreement to acquire the remaining equity in Pivotal Software (PVTL). The analyst notes that while the combined entity would improve the messaging in go-to-market strategy and product overlap - areas where the partnership had previously struggled - the deal also contains "worse" financial implications for VMWare, since Pivotal's Expected operating loss in FY20 would reduce VMWare's operating margins by about 300bps.
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