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EMC Corporation Message Board

  • trupicture trupicture Jul 7, 2004 10:30 AM Flag

    JP Morgan

     

    JP Morgan

    EMC: Reit Overweight - EMC is scheduled to report second quarter results on Tuesday, July 20. We do not expect EMC`s June quarter results to disappoint, despite a storage environment exhibiting weaker than expected demand levels. But we are lowering our June numbers to consensus owing to softer demand conditions in June.

    We are lowering June revenue and EPS estimates to $1.97 billion and $0.08, down from $1.99 billion and $0.09 previously. We are lowering September revenues slightly, but leaving our EPS estimate unchanged.

    - We believe that EMC represents one of the most attractive growth stories in our coverage group. EMC trades at 19 times calendar 2005 EPS estimate, versus the networked storage peer group average of 23 times. With continued share gains and improving operating leverage expected later this year, we believe EMC shares will outperform the peer group in coming months. We maintain our Overweight rating.

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