Oppenheimer Maintains an 'Outperform' on EMC Corp (EMC); Channels Checks In-line for Q2; Lowering FY Estimates

July 5, 2012 8:26 AM EDT
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Price: $29.05 --0%

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Oppenheimer maintains an 'Outperform' on EMC Corp (NYSE: EMC) price target of $32.00 (from $34.00).

Analyst, Ittai Kidron, said, "Based on our US/Europe channel checks (26 interviews), we believe EMC's June quarter is tracking in-line with expectations. Our contacts point to solid demand in the US, although demand in Europe is at a standstill (consistent with mgmt's views). Product-wise, we see strong channel adoption for the VNXe and some near-term digestion for Isilon and Data Domain. Looking ahead, we believe delayed projects could jump-start and expect EMC to largely reiterate its annual targets. The key risks are EMC's exposure to the financial vertical, as well as potential FX headwinds, which are the reason behind our slight earnings-estimate revisions."

FY12 EPS estimate lowered from $1.73 to $1.70 and FY13 from $1.92 to $1.88. FY12 revenues lowered from $22.47B to $22.05B and FY13 from $24.88B to $24.08B.

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 $25.63 yesterday.

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