Market Overview

UPDATE: Oppenheimer Lowers PT on EMC Corporation Following Enterprise Checks

Related EMC
Stocks Lower As Earnings Season Takes Back Seat To Geopolitical Uncertainties
Markets Steady Despite Mixed Economic Data
Paradine Looks to Make Dining Reviews Personal (Fox Business)

In a report published Wednesday, Oppenheimer analyst Ittai Kidron reiterated an Outperform rating on EMC Corporation (NYSE: EMC), but lowered the price target from $30.00 to $28.00.

In the report, Kidron noted, “Based on our enterprise checks (26 in US/Europe), we believe EMC could top March-quarter consensus forecasts and report sales more aligned with our $5.53B target. VNXe demand is encouraging in the US and Europe and seems to compensate for a YoY deceleration in Data Domain/Isilon. While SSD interest is developing, we believe traction would start to gain momentum only as EMC steps up marketing efforts following its Xtrem product announcements. With an in-line June outlook, we believe it's too early for management to revise 2013 targets and expect the Street's June estimates to hold largely as is. Overall, we expect the shares to remain range-bound until VMW's outlook improves and YoY comparisons get easier in 2H13.”

EMC Corporation closed on Tuesday at $23.84.

Posted-In: OppenheimerAnalyst Color Price Target Analyst Ratings

 

Most Popular

Related Articles (EMC)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters