UPDATE: J.P. Morgan Reiterates Overweight Rating, Lowers PT on EMC Corporation
In a report published Wednesday, J.P. Morgan & Co. reiterated its Overweight rating on EMC Corporation (NYSE: EMC), but lowered its price target from $32.00 to $29.00.
J.P. Morgan noted, “We are removing EMC from the J.P. Morgan Analyst Focus List, but we are maintaining our Overweight rating. We believe a combination of macroeconomic and secular dynamics could limit upside potential in EMC's model in the near to mid term. We are lowering our EMC estimates today, but on a relative basis we believe the company's portfolio approach, end market exposure, and sterling financial management should help drive above-peer long-term revenue and earnings growth, hence we are sticking with our Overweight rating. We are not able to keep EMC on our Analyst Focus List, however, given the reduction to our estimates and Dec 13 price target.”
EMC Corporation closed on Tuesday at $25.32.
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