EMC Shares Can't Hang Onto Gains Despite Craig-Hallum Upgrade
Shares of EMC Corp. (NYSE: EMC) are selling off Wednesday afternoon despite an earlier upgrade from Craig-Hallum's Rajesh Ghai. After opening at $24.90, EMC shares are now down to $24.31, about 1.5 percent below Monday's closing price.
Ghai now rates EMC shares at Buy, down from a prior rating of Hold. The analyst boosted his price target on the stock from $26 to $30.
The Craig-Hallum analyst attributed his newfound bullishness to the company's refreshed product portfolio which will likely serve as a driver for continued gains.
Ghai sees a possibility EMC might offer a cloud-based service in addition to its on-premise services, an initiative which could help maintain or even grow current market share, according to Ghai.
Ghai's new price target represents potential upside of about 20 percent from where the stock is currently trading.
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