Here's Why KeyBanc Sees 39% Upside In Nutanix

• KeyBanc analyst Thomas Blakey initiated coverage of Nutanix Inc (NASDAQ:NTNX) with an Overweight rating and a $39 price target, suggesting an upside of 38.74%.
• The recent acceleration, new product cross-sell, and go-to-market partnerships have influenced his above-Street revenue and ACV billings outlook.
• Blakey further notes that he sees potential rerating with about 50% of revenue from subs by FY24 and ramp in free cash flows that offer further upside.
• Nutanix provides native, hybrid cloud capabilities for businesses. The company offers Enterprise Cloud Platform to businesses for web-scale engineering and consumer-grade design, virtualization, and storage into a resilient and software-defined solution.
• Price Action: NTNX shares traded higher by 3.17% at $29.00 in the premarket session on the last check Wednesday.