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September 23, 2008 1:15 PM EST
Avian Securities downgraded the stock of EMC Corp. mid-morning....here's why: We are changing our opinion on EMC to Negative from Positive for these reasons: 1) Although Q3 ests look reasonable, we think Q4 rev growth ests of 13% Q/Q is probably too high b/c of financial exposure 2) Strength around the recent CX upgrade cycle will ease next quarter 3) EMC has high exposure to the financial vertical - we think over 15% of EMC sales 4) VMWare (VMW) is worth $21 in our view which is 20x our C09E EPS of $1.05 (model attached) 5) EMC has more exposure to foreign currency fluctuations than other storage names in our coverage universe 6) Relationship with Dell which has been a driver for EMC the last couple of years is beginning to wane 7) Technological transitions over the next 3 years will present challenges for EMC ___________________________________________________________________________ Twitter
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Tina Brown’s Daily Beast opened for Business today. Good luck Tina, you are late and the field is crowded.
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