Needham & Company Reiterates Buy on EMC Corp. (EMC) as Reports Suggest Potential Merger with Dell
Needham & Company reiterated a Buy rating and $30.00 price target on EMC (NYSE: EMC) as news reports suggest talks of a Dell/EMC Merger. Dell is already private, so there aren’t any redundant public company cost savings. Except for storage, their businesses are sufficiently different that the sales organizations and R&D would need to remain.
Analyst Richard Kugele commented, "We believe that EMC is extremely thoughtful and deliberate. Our view on EMC remains unchanged: if any deal is consummated, in whole or in part, or conversely if no deal occurs and instead a buyback/dividend increase is announced, shareholders should see upside to EMC’s stock. Zero action is extremely unlikely at this juncture, in our view. We therefore reiterate our Buy on EMC."
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Shares of EMC closed at $25.96 yesterday.