Performance Test is not reliable on Virtual Machine?

Hi there,

I was planning to do performance test for a software on virtual machine.

But I was warned by others that "the performance stats collected on a virtual machine can be unreliable".

It makes sense because the VM server can hold multiple VMs, users, and applications, which takes unpredictable amount of resources. However, if I restrict users/applications on the VM server, would the result be reliable?

Thanks!