Bank of America Previews EMC Corp's 2Q earnings

Bank of America has published a report on EMC Corp EMC previewing 2Q earnings. In the report, Bank of America wrote, "Our quarterly EMC Value Add Resellers (VAR) survey points to a relatively solid C2Q11 (we believe channel is 40%+ of EMC sales), with revenue and EPS slightly ahead of consensus. We model 2Q11 revenue and EPS of $4.83bn and $0.36 versus Street of $4.73bn and $0.34. We expect EMC to maintain their 2011 guidance for EPS of $1.46 versus our/Street of $1.56/1.49, as opposed to raising it, given some mixed macro data points recently, and despite the revenue tailwinds (share gains, product cycle) and NetApp's recent bullish outlook." Bank of America rated EMC Corp a BUY with a price target of $35.00. EMC Corp closed Friday at $26.69.