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Analyst firm Baird upgraded VMware (VMW) to "outperform" from "neutral" on Wednesday. The firm set a price target of $115 on the information technology company, up from its previous price target of $90.

The upgrade comes as the firm is positive on the company's shift to partner with the public cloud. The firm also believes VMware is better strategically positioned than it has been previously.

"The recent partnership between VMware and AWS has been received with great positivity and excitement, according to our channel work. Naturally, a co-development between the respective leaders in private and public clouds should offer an unparalleled level of seamlessness in hybrid cloud mobility, which to date remains one of the largest challenges to enterprise cloud deployment," the firm said, Barron's noted.

VMware stock was trading slightly lower in early on Wednesday morning trading.

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