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Bear Stearns Upgrades Sun Micro and EMC

Bear Stearns upgraded both Sun Microsystems (SUNW) and EMC Corp. (EMC) to buy.

Analyst Andrew Neff says given the signs of bottoming or the upturn in the domestic economy, he thinks both stocks have compelling risk/reward ratio since they are likely to be highly-leveraged beneficiaries of an economic upturn. Even though he hasn't seen any changes in fundamentals, he upgraded the stocks because he thinks the stock performance will move coincident with the economy as it did on the way down.

Neff says the other part of equation is valuation, and based on price/sales with Sun selling towards the lower end of the ten-year band, he thinks there's a more compelling risk/reward with an upside price target of $24.

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