Goldman Sachs Removes EMC (EMC) from Conviction Buy List, But Is Still Bullish

Goldman Sachs removed EMC (NYSE: EMC) from its Conviction Buy List, but maintained its Buy rating, raised estimates and its price target.

"While we continue to believe that the company will post upside in coming quarters, the stock’s recent run no longer justifies Conviction List positioning," the analyst said.

Goldman remains bullish on the stock and raised its price target from $31 to $33. The firm raised 2012 revenues estimates to $22.51 billion and EPS of $1.81, up from $22.50 billion and $1.74 previously and the consensus of $22.16 billion and $1.73. For 2013, the firm sees revenues of $25.16 billion and EPS of $2.03 versus its prior forecast of $25.15 billion and $2.00 and consensus of $24.49 billion and $1.97. For 2014, the firm sees revenues of $28.18 billion and EPS of $2.38 versus prior estimates of $28.17 billion and $2.35 and the consensus of $27.01 billion and $2.20.

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 $29.62 yesterday.

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