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Downgrade Alert for EMC (EMC)

By Amy Schwartz

EMC (NYSE:EMC) was downgraded from Outperform to Market Perform at Raymond James today. The stock closed yesterday at $27.54 on volume of 26.7 million shares, above average daily volume of 11.6 million.

EMC Corporation provides enterprise storage systems, software, networks, and services. The Company's products store, retrieve, manage, protect, and share information from all major computing environments and mainframe platforms. EMC operates offices around the world.

There is potential upside of 8.6% for shares of EMC based on a current price of $27.54 and an average consensus analyst price target of $29.92. The stock should discover initial support at its 50-day moving average (MA) of $26.26 and subsequent support at its 200-day MA of $25.59.

EMC share prices have moved between a 52-week high of $28.77 and a 52-week low of $22.66 and closed yesterday at 22% above that low price at $27.54 per share. The 200-day and 50-day moving averages have moved 0.09% higher and 0.31% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of EMC on February 26th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $26.04. Since that recommendation, shares of EMC have risen 5.8%. We continue to monitor EMC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades

Ticker(s): EMC