Mizuho Securities Upgrades EMC (EMC) to Buy
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Mizuho Securities upgraded EMC (NYSE: EMC) from Neutral to Buy with a price target of $28.50 (from $30.00).
Analyst Abhey Lamba commented, "We are upgrading EMC to Buy from Neutral while adjusting our PT to $28.50 from $30 purely from transaction arbitrage perspective. We reiterate that there are no fundamental reasons to get involved. However, the spread between the current price and transaction terms has likely created an opportunity for special situation investors. The deal seems to be progressing well and is likely to close later this year, which would result in narrowing of the spread."
Shares of EMC closed at $23.90 yesterday.
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