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Longbow has downgraded EMC Corporation (NYSE: EMC) to Neutral from Buy on valuation as the shares reached the brokerage's target price of $28.
"Valuation has expanded as confidence grew in Dell's ability to raise the required capital to acquire EMC, through new debt raises and asset sales. Consequently, there is little remaining upside to capture," analyst Joe Wittine wrote in a note.
In October, Dell agreed to buy EMC for $67 billion. The U.S. regulators have approved deal in February.
At the time of writing, shares of EMC were down 0.09 percent to $27.82.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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