Jefferies Downgrades EMC (EMC) to Hold; Sees Limited Upside

Jefferies downgraded EMC (NYSE: EMC) from Buy to Hold with a price target of $29.00 amid reports of a takeover by Dell. The analyst is concerned about the size of the debt raise.

Analyst James Kisner commented, "Our Dell/EMC model suggests that an acquisition of EMC by Dell is feasible from a leverage perspective, but we have lingering concerns about the size of the debt raise. We believe EMC shares now reflect some probability of an acquisition by Dell, and we see limited upside; we also see modest downside risk should the deal not be consummated. We are downgrading EMC to Hold."

For an analyst ratings summary and ratings history on EMC click here. For more ratings news on EMC click here.

Shares of EMC closed at $27.86 yesterday.

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