Deutsche Bank Upgrades EMC Corp (EMC) to Buy, U.K Risk Priced in and CLARiiON Demand Is Solid

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Deutsche Bank upgrades EMC Corp (NYSE: EMC) from Hold to Buy and raised their price target from $20 to $25.

The firm states, "We think U.K. spending challenges are well publicized and largely factored into EMC’s guidance. Meanwhile, we believe CLARiiON demand remains solid in front of the well-anticipated upgrade (1Q-11). In addition, our checks suggest both VMax and Backup strength continues and the deal pipeline for VMax sounds
strong heading into 4Q."

The firm we believes 4Q-10 and 2011 will show strength. FY11 EPS estimates were raised from $1.35 to $1.40.

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