Oppenheimer analyst Ittai Kidron added VMware to the firm's Top Picks list, citing VMware's recent Tanzu announcement, deeper container/VM integration, and growing cloud partnerships; the firm's FY21 pro forma analysis, which suggests ~9.5% upside to current FY21E revenue; and the recent pullback in shares, which he believes offers a compelling entry point into a multi-year growth opportunity. While Kidron cautions that the macro environment could still weigh on VMware's financial performance and the execution bar following multiple acquisitions is high, he believes VMware is better isolated from budget cuts and integration plans are largely straightforward and complementary. Kidron has an Outperform rating and $200 price target on the shares.