MCF Reiterates “Buy” Rating on EMC Corp (NYSE: EMC)
ByMerriman Curhan Ford analysts reiterated a ‘Buy’ rating on shares of EMC Corporation (NYSE: EMC) and set a valuation range of $22.00 to $24.00.
The analysts wrote, “We believe EMC remains well positioned in the $20B a year storage market as its partnership with Cisco (Nasdaq: CSCO) and majority ownership of VMware (NYSE: VMW) (81%) will drive increased traction in the enterprise markets, the company’s BRS group (Avamar, Data Domain, et al) should provide product differentiation relative to IBM (NYSE: IBM) and HP (NYSE: HPQ), a refocus on the Commercial markets should help improve traction in the SMB space and cost cutting initiatives should enable solid earnings leverage heading throughout 2010. In addition, Symmetrix and CLARiiON product refreshes should help drive incremental opportunity among the installed base.”
EMC Corporation (EMC) develops, delivers and supports the information technology (IT) industry’s range of information infrastructure and virtual infrastructure technologies and solutions. The Company operates in two business segments: EMC’s Information Infrastructure business and the EMC’s VMware Virtual Infrastructure business. EMC’s Information Infrastructure business provides a foundation for customers to manage and secure their quantities of information, automate their data center operations, reduce power and cooling costs, and information for business agility and advantage. EMC’s VMware Virtual Infrastructure business is the provider of virtual infrastructure software solutions from the desktop to the data center and to the cloud. As of July 22, 2009, EMC had acquired approximately 94.2% interest in Data Domain, Inc. (Data Domain). In August 2009, EMC acquired FastScale Technology, Inc., a provider of software platforms and solutions for enterprise IT.
Shares of EMC Corp traded up 1.68% hitting $19.99.
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