Summit Research analyst Srini Nandury stepped through his sum-of-the-parts analysis of EMC (EMC), estimating that its legacy storage business is worth $8.25 per share, that its emerging storage business is worth at least $6 per share, that RSA is worth at least $1.50, that Pivotal and Information Intelligence together are worth $1 and that VMware (VMW), the "crown jewel of the EMC federation," is worth at least $13 per share, yielding a SOTP valuation of at least $30 per share. Nandury, who believes that any takeover offer below $30 would likely be opposed by Elliott Management and other investors, keeps a Hold rating and $26 price target on EMC shares, noting that he currently discounts the stock's value for volatility.