Oppenheimer Remains Bullish on EMC (EMC) Following Results and Reviews

Oppenheimer reiterated an Outperform rating and $30.00 price target on EMC (NYSE: EMC) following last weeks results, and analysis review. Analyst Ittai Kidron said that the analysis suggests that while EMC's high-end business is declining, XtremIO's sharp ramp is somewhat compensating.

Kidron commented, "Following last week's results and after a careful review, we're turning more positive on EMC's shares. While there are still many secular and competitive pressures, we believe that: (1) EMC's high-end exposure (on a relative basis) isn't declining as sharply as segment results indicate, (2) FX moves obscure solid underlying product execution, (3) management has a better focus on its financial performance with cost cutting initiatives offering downside support (and could be stepped up if needed), (4) odds of a strategic unlocking activity are rising, and (5) Elliott could step up activist pressure come September. Improvement at VMware and declining EPS headwinds from EMC's six growth initiatives are also positives. Overall, we believe EMC offers compelling risk/reward. Maintain Outperform."

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 $25.62 yesterday.

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