UPDATE: Citigroup Initiates EMC at Neutral on Valuation

Citigroup initiated coverage on EMC

with a Neutral rating and a $30 price target. Citigroup commented, "We view the shares to be fairly valued with limited upside to estimates. Our Neutral rating compares with consensus ratings of 95% Buys and 5% Holds. While positive secular trends are likely to drive continued demand for EMC's products and services (storage, virtualization and security), we believe macro factors in Europe and recent signs of weakness in Asia as well as high unemployment rates are likely to limit overall IT and storage spending." EMC closed at $27.29 on Monday.