EMC Receives “Outperform” Rating from Credit Suisse (EMC)
EMC (NYSE:EMC)‘s stock had its “outperform” rating reaffirmed by equities researchers at Credit Suisse in a research report issued on Thursday. They currently have a $32.00 price objective on the stock, up from their previous price objective of $30.00. Credit Suisse’s target price indicates a potential upside of 11.30% from the company’s current price.
EMC (NYSE:EMC) traded up 0.52% during mid-day trading on Thursday, hitting $28.90. The stock had a trading volume of 11,845,202 shares. EMC has a 52 week low of $23.15 and a 52 week high of $29.59. The stock’s 50-day moving average is $26.77 and its 200-day moving average is $26.32. The company has a market cap of $59.167 billion and a price-to-earnings ratio of 22.76. EMC also was the target of a significant growth in short interest in the month of June. As of June 30th, there was short interest totalling 37,186,641 shares, a growth of 10.4% from the June 13th total of 33,670,176 shares. Currently, 1.9% of the company’s shares are sold short. Based on an average daily volume of 14,804,985 shares, the short-interest ratio is currently 2.5 days.
EMC (NYSE:EMC) last announced its earnings results on Wednesday, July 23rd. The company reported $0.43 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.96 by $0.53. The company had revenue of $5.90 billion for the quarter, compared to the consensus estimate of $160.80 million. During the same quarter in the prior year, the company posted $0.42 earnings per share. The company’s quarterly revenue was up 4.7% on a year-over-year basis. Analysts expect that EMC will post $1.91 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Tigress Financial downgraded shares of EMC from a “strong-buy” rating to a “buy” rating in a research note on Thursday. Separately, analysts at Needham & Company LLC raised their price target on shares of EMC from $30.00 to $32.00 in a research note on Thursday. They now have a “buy” rating on the stock. Finally, analysts at Brean Capital raised their price target on shares of EMC from $30.00 to $33.00 in a research note on Thursday. They now have a “buy” rating on the stock. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $30.32.
EMC Corporation (NYSE:EMC) and its subsidiaries develop, deliver and support the Information Technology (IT) industry’s range of information infrastructure and virtual infrastructure technologies, solutions and services.
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