VMware supplies virtualization software, solutions and services. Rangan says he is confident the company can grow annual revenue from around $12 billion to $20 billion in the long term. However, VMware's cloud business has been negatively impacted by the health crisis more than Goldman's other top stock picks, and the stock may not have as much upside in the near term. In addition, Rangan says VMware's relationship with minority investor Dell Technologies ( DELL ) and the circumstances surrounding a potential spinoff of Dell's stake create uncertainty for investors. Goldman has a "neutral" rating and $150 price target for VMW stock.