UPDATE: Stifel Nicolaus Reduces PT to $33 on EMC Corporation on Weaker Demand and FX Headwinds

Stifel Nicolaus reiterated its Buy rating on EMC Corporation

and reduced its price target from $36 to $33. Stifel Nicolaus commented, "We Believe EMC Executed on a Meaningful End-of-Qtr Push, but Reduce Estimates Amid Weaker Demand and FX (Europe = ~30% of Rev.); Highlight Tough Storage Comps. Maintain Buy rating and only slightly downwardly adjust our 2Q12 estimates, however, our call is negative into EMC's 2Q12 earnings given checks pointing to a very aggressive end-of-quarter push and a view that new product cycles will be more of a late-2012 story than an assumed material driver into 3Q12." EMC Corporation closed at $23.56 on Tuesday.