FBN Securities Raise PT to $33, Reiterates Outperform on EMC

FBN Securities reiterates its Outperform rating on EMC (NYSE: EMC) and raises its price target up $1 to $33 as company posts solid quarter.

FBN Securities says, "For the FQ4 quarter, EMC reported revenue of $5.6B (14% Y/Y and slightly ahead of consensus of $5.5B) and NG EPS of $.49 (ahead of consensus of $.46). The $.03 beat was due to higher revenue and better GM (64.5% vs. 63.0% consensus) offset by slightly higher opex vs. expectations ($38.2% rev. vs. 37.2% expected). V-Block (EMC storage, Cisco UCS servers, MDS switches, and Nexus switches, and VMW virtualization) orders were at an $800M+ annual rate. Deferred revenue of $6.2B grew 32% Y/Y and 8% Q/Q, resulting in bookings growth of 14% Y/Y, in line with revenue growth."

EMC closed at $23.44 yesterday.