Bernstein analyst Toni Sacconaghi upgraded EMC (EMC) to Outperform from Market Perform citing a favorable risk/reward following the underperformance of shares over the last three years. Sacconaghi believes investor sentiment is "poor" with the stock trading at "historic lows" on a relative price-to-earnings basis. With three activist shareholders involved, the analyst sees the increased likelihood of change, which he believes could include a large buyback, an accretive acquisition and/or a spin-off of VMware (VMW). Sacconaghi has a $32 price target for EMC shares, which closed yesterday down 17c to $26.05.