Company Update (NYSE:EMC): Pure Storage Faces Tough Battle Against EMC, NetApp

[at Investor’s Business Daily] – Though Pure Storage (PSTG) has cutting-edge data storage technology, it will face an uphill battle trying to dislodge EMC (EMC) and NetApp (NTAP). It thus caused Summit Research to initiate coverage on … Read more on this. EMC Corporation (EMC) , valued at $50.37B, started trading this morning at $26.00. During today’s session, EMC traded between $25.89 to $26.07 and has traded between $22.66 and $30.65 over the past 12 months. EMC shares are currently priced at 14.29x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 8.24x earnings multiple for the same period. The company pays shareholders $0.46 per share annually in dividends, yielding 1.79%. In a review of the consensus earnings estimate this quarter, 28 sell-side analysts are looking at $0.65 per share, which would be $0.04 worse than the year-ago quarter and a $0.03 sequential decrease. The full-year EPS estimate is $1.82, which would be a $0.08 better than last year. The quarterly earnings estimate is predicated on a consensus revenue forecast of $7.14 Billion. If reported, that would be a 1.28% increase over the year-ago quarter. More recently, Wells Fargo upgraded EMC from Market Perform to Outperform (Jul 23, 2015). Previously, FBR Capital downgraded EMC from Outperform to Mkt Perform. The average price target for EMC shares by the analysts covering it is $29.80, which is 14.62% above where the stock opened. See more in (NYSE:EMC) Similar Articles: Market Update (NYSE:EMC): Dell buying EMC in $67 billion bet on data storage Company Update (NYSE:IBM): IBM snaps up Cleversafe for cloud storage smarts Company Update (NYSE:EMC): Data storage upstart taps former H-P exec to head North America sales