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UPDATE: Credit Suisse Reiterates Outperform Rating, Lowers PT on EMC Corporation

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In a report published Wednesday, Credit Suisse Group reiterated its Outperform rating on EMC Corporation (NYSE: EMC), but lowered its price target from $35.00 to $30.00.

Credit Suisse noted, “Preannouncement in line; adjusting estimates for constrained macro. Factoring in a weaker macro, we lower our revenue growth to 10.4%/12.0% y/y for 2012/2013 and EPS drops to $1.77/$2.10 (from $1.89/$2.21). Our secular outlook for EMC remains unchanged, based on our bottom-up forecast for the Information Storage segment, we forecast a 12.3% revenue CAGR LT. Driven by the accretive mid-range, we see increasing leverage and operating margin expansion to 27%.”

EMC Corporation closed on Tuesday at $22.92.

Posted-In: Credit Suisse GroupAnalyst Color Price Target Analyst Ratings

 

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