Morgan Stanley analyst Keith Weiss said VMware's acceleration in license billings growth in Q1 "clearly shows" the company's fundamental performance hasn't been impacted by Dell's strategic review, though he recognizes the Dell risk may remain an impediment to fundamentals being fully reflected in VMware shares. Weiss raised his price target on VMware shares to $150 following what he called the "solid start" to FY19, but noted that absent the Dell overhang he believes the stock could trade closer to $170 if it was assigned a multiple more in-line with the group average.