Markets & Finance

Salomon Upgrades EMC Rating

Salomon Smith Barney raised its investment opinion on shares of EMC Corp. (EMC) to buy from outperform.

Analyst Clinton Vaughan says the upgrade reflects belief EMC has moved past its fundamental bottom and is beginning to recover (albeit at a slow pace). He thinks the company is on the verge of many new product releases and partnership announcements; he also expects to see more M&A activity. Vaughan says upside from these factors is not reflected in his model. He narrowed his $0.09 fourth-quarter loss per share estimate to $0.08 on $1.3 billion in revenue, but thinks there is upside to these numbers. He maintains his $20 price target.

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