Stifel analyst Aaron Rakers downgraded EMC (EMC) to Hold from Buy, saying he believes the VMware (VMW) tracking stock element of the Dell transaction will likely continue to be a point of investor confusion. Though EMC assured that the transaction will have no impact on VMware public shareholders, Rakers believes investors will keep questioning the potential dilutive impact to shares of VMware. Rakers sees "significant" arbitrage potential given an implied delta of about $4 per share between the "desired" VMW tracking share value and the EMC "implied" value, but still sees it as prudent to downgrade EMC given the investor uncertainty.