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UPDATE: Citigroup Initiates EMC at Neutral on Valuation

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Citigroup initiated coverage on EMC (NYSE: 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.

Latest Ratings for EMC

DateFirmActionFromTo
Apr 2016Raymond JamesDowngradesStrong BuyOutperform
Jan 2016Mizuho SecuritiesUpgradesNeutralBuy
Jan 2016JefferiesMaintainsHold

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View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Initiation Intraday Update Analyst Ratings

 

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