Boston, MA 10/21/2013 (wallstreetpr) – Developer of technologies and solutions for information and virtual infrastructure, the 51 Billion dollar EMC Corporation (NYSE:EMC) has announced that it will be declaring its Q3 Earning numbers on 22nd October 2013. And it seems that market analysts are pretty upbeat about company’s yet to be declared financial results.
The street expects the company to declare revenues in excess of 5.8 billion dollars. This translates into a QoQ growth of about 10%. On the earnings front, EMC is expected to earn 45 cents per share. This is 12.5% higher than what was achieved by company in third quarter of 2012. But, the EPS numbers haven’t been stable during last quarter and have been gradually moving down from 47 cents to current expectation of 45 cents.
Barclays was one of the first to raise its price targets for EMC. It has now given a target of $28 for company’s share. Cantor Fitzgerald analysts have also come out with a Buy call with a price target of $30.5. Though many analysts have also reduced their targets, it is quite evident that company’s strength in coming quarters is far more than any weakness which might creep into the business due to the on-going global slowdown.
The recent price correction witnessed by company’s shares can be considered to be a good opportunity for long term investors to get into the stock. Company’s balance sheet is also pretty clean with a cash component in excess of $11.2 billion and a debt of $7.2 billion. And with company showing its intent of buying back shares worth $6 billion, it might be an interesting pick for next one year. With current prices close to $24, it is trading near its 52 week low of $21.45. And with analysts giving it a price upgrade, it makes sense for investors or rather traders to make a quick profit once prices rise after result declaration.
