In a report published Wednesday, Credit Suisse Group reiterated its Outperform rating on EMC Corporation 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.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in