Craig-Hallum’s Rajesh Ghai announced today that the information tech company EMC Corporation (EMC) was upgraded from a hold to a buy. Analysts put the firm’s new price target at $30, up significantly from its last target of $26.
Ghai attributed his upgrade to the EMC’s new product portfolio, which he thinks will likely drive continued growth. The analyst noted that there may be a possibility of EMC offering a new cloud-based service to its lineup.
Despite the upgrade, shares of EMC slipped 34 cents, or -1.4%, during Wednesday’s session. Year-to-date, the stock is down 0.68%.
The Bottom Line
Shares of EMC Corporation (EMC) have a 1.64% yield, based on Wednesday’s closing price of $24.33.
EMC Corporation (EMC) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.
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