UPDATE: Raymond James Downgrades EMC (EMC) to Market Perform

(Updated - July 18, 2016 8:14 AM EDT)

Raymond James downgraded EMC (NYSE: EMC) from Outperform to Market Perform and removed its price target (prior $30.00). Analyst Brian G. Alexander expects the acquisition by Dell will close as planned.

"We are downgrading EMC to Market Perform from Outperform as we see limited upside in light of the pending Dell deal and following outperformance over the past three months. We expect the acquisition by Dell to close as planned and the shareholder vote is set for July 19. Should the deal surprisingly not occur, we see downside to the low $20s," said Alexander.

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 $27.55 yesterday.

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