UPDATE: Cantor Fitzgerald Initiates Coverage on EMC Corporation with Buy Rating, $30.50 PT on Market Leader Position

In a report published Friday, Cantor Fitzgerald analyst Brian J. White initiated coverage on

with a Buy rating and $30.50 price target. In the report, Cantor Fitzgerald noted, “We are initiating coverage of EMC with a BUY rating and 12-month price target of $30.50. EMC is recognized as the number one vendor in the storage market, and the company holds an 80% stake in the number one virtualization software vendor, VMware. Despite a number of innovations across EMC's portfolio in 2013 and slightly increased cash distribution to shareholders, the stock has underperformed the S&P 500 by a wide margin this year. We believe EMC's portfolio is well positioned to benefit from major secular technology trends that include Big Data, cloud computing, and security.” EMC Corporation closed on Thursday at $26.94.