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R W Baird Raises EMC Corp. to 'Market Outperform'

R W Baird upgraded EMC Corp. (EMC) to market outperform from market perform.

The data storage company posted a $0.03 Q4 loss vs. $0.25 EPS, and analyst Daniel Renouard says Q4 was better than his $0.09 loss estimate. He notes that revenues were driven by seasonality, the Q3 spillover and improved demand. He believes the company's aggressive pricing response is having a positive marketshare impact. He says he's encouraged by positive results and cost cutting. While he thinks pricing pressure and increasing end-user utilization will continue to challenge the company, he believes EMC's leadership position and marketshare gains are likely to lead to significantly operating margins in 2003 and 2004. He raised the $13 target to $20.

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