UPDATE: JP Morgan Upgrades EMC to Overweight, Raises Target to $28

JP Morgan raises its rating on EMC (NYSE: EMC) to Overweight from Neutral and raises its target price to $28 from $26 while adding it to the JPM Analyst Focus List.

JP Morgan says, "We are elevating EMC to the second spot behind Apple as the top picks in our Big Four (IBM and NetApp are the other two) and our overall coverage list. We now believe that EMC is a supertanker that also possesses above-peer growth potential on both the top and bottom-line and that these profiles could exhibit increasing upside potential over the next 12-18 months."

EMC closed at $22.09 per share on Wednesday.