Bernstein notes that EMC's stock is trading at an approximately 24% discount to the valuation at which it agreed to be acquired by Dell and Silver Lake. The firm blames the discrepancy on the decline in VMware's stock since the deal was announced and concerns about the VMware tracking stock. Bernstein blames the decline in VMware's stock on concerns about its corporate governance following the deal and its weak revenue guidance issued last month. Nonetheless, Bernstein thinks the EMC deal will probably close and sees the risk/reward ratio of the stock as positive. It keeps a $30 price target and Outperform rating on the shares.