Mizuho Securities Upgrades EMC (EMC) to Buy

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."

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 $23.90 yesterday.

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