Broadpoint.Amtech Reiterates a 'Buy' on EMC Corporation (EMC); Raises Estimates & PT

October 2, 2009 11:41 AM EDT
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Price: $29.05 --0%

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    25 Buy, 26 Hold, 0 Sell

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Broadpoint.Amtech reiterates a 'Buy' rating on EMC Corporation (NYSE: EMC), raises price target from $19 to $21.

Broadpoint analyst says, "Due to increased order visibility, we are raising our December '09 estimates to the following: $4,032mil in revenue (up 16% Q/Q), a 57.4% gross margin and pro forma EPS of $0.32 (vs. our old estimates of $3,919mil, 57.5% gross margin and EPS of $0.30). Raising CY10 EPS by 5%: Our CY10 EPS is increasing by ~5% to $1.15 (vs. $1.10) on our new revenue estimate of $15,512mil (up roughly $300mil from our old estimate of $15,194mil). Our current EPS assumption is 10%+ above the Street's estimate of $1.04...We continue to believe material upside exists in shares of EMC from current levels (~25%+). In our view, the company has definitely turned the corner and has the opportunity to start posting Y/Y revenue growth once again in the December '09 quarter. We believe the strategic nature of the VMW asset cannot be overstated as it represents the single most compelling story in the context of our "three-legged stool" analogy of enterprise infrastructure."

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EMC Corporation develops, delivers, and supports information infrastructure technologies and solutions.

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