UPDATE: Deutsche Bank Raises Target to $35 on EMC Corporation

Deutsche Bank raises its price target on EMC Corporation EMC from $33 to $35 and maintains its Buy rating on shares due to increased confidence on industry-wide growth in the coming year. Deutsche Bank says, "We are growing increasingly confident that industry-wide storage growth will improve through 2012 and into 2013 following completion of this analysis and conversations with industry contacts. We also expect both EMC and NTAP to benefit from strong new product calendars through the course of 2012. As the demand cycle improves and HDD prices begin to ease, we expect the visibility on margins for both companies will improve. …We raise our non-GAAP EPS estimates for EMC for CY12 to $1.80 (vs. prior $1.75)." EMC closed at $29.71 a share yesterday.