S&P REITERATES STRONG BUY OPINION ON SHARES OF EMC CORP.
EMC; $15.77
EMC's VMWare unit (VMW) says major server makers IBM, Dell (DELL) and Hewlett-Packard (HPQ) will embed its server virtualization software in their servers. We think VMWare's lead over competitors in the space is substantial and the vast majority of the available market is untapped. In our view, VMWare benefits EMC's IT infrastructure leadership position, and EMC's 86% equity stake is also a valuable asset. We think EMC is undervalued on a price-to-book basis relative to peers. We keep our DCF and P/E-blended target price at $19.
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