S&P Capital IQ Reiterates its HOLD Rating on EMC, Target Price Raised

October 19 00:00 2011

NEW YORK, October 19 (RainbowNewsLine.com) – Analyst Jim Yin of S&P Capital IQ maintains his HOLD rating on the shares of EMC (NYSE: EMC). The target price has been raised from $26 to $27.

Analyst Jim Yin, in a research report published yesterday mentions that the company reported its Q3 EPS ahead of the estimates, driven by 34% growth in the VMware segment as revenues grew 18% to reach $4.9 billion. The revenues from the storage business also rose by 16%, the analyst adds. The analyst believes that the company is capturing more market share in high end and mid-tier segments through its Symmetrix and VNX storage lines together.  EMC will keep performing better than its peers despite having slower growth in IT spending for 2012, analyst adds. The EPS estimate for 2012 has been raised from $1.27 to $1.34.