EMC Downgraded by Oppenheimer to “Outperform” (EMC)

EMC (NYSE: EMC) was downgraded by research analysts at Oppenheimer to an “outperform” rating in a report released on Wednesday, ARN reports. They currently have a $28.00 target price on the stock, down from their previous target price of $30.00.

The analysts wrote, “Based on our enterprise checks (26 in US/Europe), we believe EMC could top March-quarter consensus forecasts and report sales more aligned with our $5.53B target. VNXe demand is encouraging in the US and Europe and seems to compensate for a YoY deceleration in Data Domain/Isilon. While SSD interest is developing, we believe traction would start to gain momentum only as EMC steps up marketing efforts following its Xtrem product announcements. With an in-line June outlook, we believe it’s too early for management to revise 2013 targets and expect the Street’s June estimates to hold largely as is. Overall, we expect the shares to remain range-bound until VMW’s outlook improves and YoY comparisons get easier in 2H13.”

Shares of EMC (NYSE: EMC) traded down 1.31% during mid-day trading on Wednesday, hitting $23.527. EMC has a 52 week low of $22.75 and a 52 week high of $29.99. The stock’s 50-day moving average is currently $24.03. The company has a market cap of $49.511 billion and a P/E ratio of 19.32.

EMC (NYSE: EMC) last announced its earnings results on Tuesday, January 29th. The company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.02. The company had revenue of $6.00 billion for the quarter, compared to the consensus estimate of $5.98 billion. During the same quarter last year, the company posted $0.49 earnings per share. EMC’s revenue was up 8.2% compared to the same quarter last year. EMC has set its FY13 guidance at $1.85 EPS. Analysts expect that EMC will post $1.86 EPS for the current fiscal year.

Several other analysts have also recently commented on the stock. Analysts at Piper Jaffray reiterated an “overweight” rating on shares of EMC in a research note to investors on Wednesday, March 27th. They now have a $29.00 price target on the stock. Separately, analysts at TheStreet reiterated a “buy” rating on shares of EMC in a research note to investors on Friday, March 22nd. Finally, analysts at FBN Securities reiterated an “outperform” rating on shares of EMC in a research note to investors on Friday, March 15th. They now have a $29.00 price target on the stock, up previously from $27.00.

One analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-four have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $29.42.

EMC Corporation (NYSE: EMC) and its subsidiaries develops, delivers and supports the information technology (IT) industry’s range of information infrastructure and virtual infrastructure technologies, solutions and services.

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