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Fly News Breaks for July 6, 2016
EMC, VMW
Jul 6, 2016 | 07:51 EDT
Jefferies analyst John DiFucci believes an overhang related to third-party ownership will continue for VMware (VMW) shares, but he also thinks the unwinding of the current arbitrage trade with EMC (EMC) is likely to provide additional support to VMware shares as the Dell deal comes to a close. The analyst, who noted that VMware's business has been "surprisingly resilient" since the EMC/Dell deal announcement, expects VMware shares to normalize over the next 6 months or so and keeps a Buy rating and $83 price target on the stock.
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