EMC "outperform," target price reduced

04/10/08 - Robert W. Baird

NEW YORK, April 10 (newratings.com) - Analysts at Robert W Baird maintain their "outperform" rating on EMC Corporation (EMC). The target price has been reduced from $25 to $20.

In a research note published yesterday, the analysts mention that the company has acquired Iomega, a retail provider of external storage devices, for $213 million in cash. The acquisition is unlikely to have a significant impact on EMC’s 2008 results, the analysts say. The downward revision in the target price reflects the difficult IT spending scenario, Robert W Baird adds.