UPDATE: Oppenheimer Cuts PT to $32 on EMC Corporation on Lower Valuation Multiples
Oppenheimer reiterated its Outperform rating on EMC Corporation (NYSE: EMC) and lowered its price target from $34 to $32.
Oppenheimer commented, "Our contacts point to solid demand in the US, although demand in Europe is at a standstill (consistent with mgmt's views). Product-wise, we see strong channel adoption for the VNXe and some near-term digestion for Isilon and Data Domain. Looking ahead, we believe delayed projects could jump-start and expect EMC to largely reiterate its annual targets. The key risks are EMC's exposure to the financial vertical, as well as potential FX headwinds, which are the reason behind our slight earnings-estimate revisions."
EMC closed at $25.63 on Tuesday.
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