Wedbush analyst Daniel Ives maintained an Outperform rating on VMware following the company's "solid" Q3 results, which beat the Street on the heels of solid license growth. The analyst, who raises his price target to $200, says that Q3 ultimately takes a back seat to the company's initial FY20 guidance which was handily above the Street, which he calls a "major step in the right direction." While now it's about execution as the Dell overhang is in the rear view mirror, Ives says VMware is heading into year-end and FY20 with major tailwinds on both its existing core platform as well as new cloud products, "a key 1-2 punch" that should move the stock markedly higher.