Courtesy of Benzinga.
Longbow has downgraded EMC Corporation (NYSE: EMC) to Neutral from Buy on valuation as the shares reached the brokerage’s target price of $28.
“Valuation has expanded as confidence grew in Dell’s ability to raise the required capital to acquire EMC, through new debt raises and asset sales. Consequently, there is little remaining upside to capture,” analyst Joe Wittine wrote in a note.
In October, Dell agreed to buy EMC for $67 billion. The U.S. regulators have approved deal in February.
At the time of writing, shares of EMC were down 0.09 percent to $27.82.
Latest Ratings for EMC
Date | Firm | Action | From | To |
---|---|---|---|---|
May 2016 | Longbow Research | Downgrades | Buy | Neutral |
Apr 2016 | Raymond James | Downgrades | Strong Buy | Outperform |
Jan 2016 | Mizuho Securities | Upgrades | Neutral | Buy |
View More Analyst Ratings for EMC
View the Latest Analyst Ratings
Posted-In: Joe WittineAnalyst Color Long Ideas Downgrades Price Target M&A Analyst Ratings Trading Ideas