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VMware: Optimism already factored in; defies cautious stock calls

Pacific Crest’s Brent Bracelin this morning launched coverage of VMware (VMW) with a Sector Perform rating, asserting that the company’s $33 billion market cap already “factors in optimism about VMware’s dominant position in an untapped $6 billion market and its potential to become a multi-billion franchise.”

Bracelin cautions that the “virtual computing wars should intensify in 2008,” with new offerings from Microsoft (MSFT), Citrix/XenSource (CTXS), Sun Microsystems (JAVA) and SWsoft.

Bracelin advises waiting for a pull back to build a position; he notes that the shares trade for 17x 2008 revenues, and are up 190% since the VMW IPO, even after a sharp pullback in the last several weeks.

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