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Fly News Breaks for November 11, 2015
VMW, EMC
Nov 11, 2015 | 06:32 EDT
Wells Fargo analyst Maynard Um downgraded EMC (EMC) to Market Perform and cut his price target range for shares to $25-$28 from $29-$30. The closed yesterday down 58c to $25.25. The analyst says valuing the proposed tracking stock proposed by Dell is a "significant challenge." Um also highlights yesterday's report by Re/code's Arik Hesseldahl which noted EMC's merger with Dell could be complicated or derailed by potential tax issues. Disruption from the deal could have an adverse impact on EMC's business, the analyst argues. Um believes there could still be "wide range of potential outcomes" regarding the planned EMC, Dell merger, and views the ideal scenario as selling off assets or spinning off Pivotal in early 2016 coupled with a buy-in of VMware (VMW).
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