UBS Maintains a 'Buy' on EMC (EMC); Reasons to Increase Confidence

UBS maintains a 'Buy' on EMC (NYSE: EMC) price target raised $1 to $34.

UBS analyst says, "EMC results of $5.6bn/$0.49 were slightly better than ests. (UBSe:$5.6bn/$0.47, Street: $5.5bn/$0.46) with relative strength in security and VMW segments offset by slightly lower storage revs. We believe investor confidence will likely improve as Joe Tucci plans to stay through 2013 (takes away near-term succession overhang), the company considering a dividend (“when, not if”) and several new products expected in 2012 (refresh VNXe, data domain and Avamar, Isilon functionality for enterprise, new VMAX, general availability of server Flash cards)."

"We increase are FY12 estimates to $22.3bn/$1.75 vs. prior $21.6bn/$1.73 representing 11.3% revenue growth. We believe EMC is well-positioned to capitalize on the growth opportunities in storage, virtualization and big data." (FY13 raised from $1.89 to $1.95)

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 $25.14 yesterday.

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