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EMC: Bernstein Downgrades On Valuation, Macro Risks
Posted on May 20, 2008
Bernstein Research analyst Toni Sacconaghi today cut his rating on EMC to Market Perform from Outperform. He retains his $19.50 price target.Sacconaghi offered three primary reasons for the downgrade.He thinks the stock is fairly valued at current levels. Sacconaghi says the stock looks cheap on a sum-of-the-parts basis, given the company s large stake in VMware (VMW), but cautions that it is not a slam dunk that the company will successfully monetize its ownership stake. If VMW were spun off, he writes, the large increase in its float could pressure the stock, given that the val...
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