We raise our fair value estimate for VMware VMW to $180 per share from $161 and maintain our narrow moat, High Uncertainty, and standard capital allocation ratings. Our fair value estimate increase is purely due to raising our probability of the pending acquisition by Broadcom AVGO closing and VMware’s valuation under the half stock/half cash deal rising with Broadcom’s stock price. If the deal were to fall apart, we’d likely maintain our stand-alone $175 fair value estimate for…
