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Technology Stocks : EMC How high can it go?
EMC 29.050.0%Sep 15 5:00 PM EST
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From: jad10/8/2005 2:30:43 PM
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More from Punk, Ziegel & Co.

EMC'S TONE OF BUSINESS is good heading into the busiest time of the year. We anticipate continued strength in high-end hardware products and a rebound from the second quarter in 2005 in software. As a result we are raising our revenue and earnings per share estimates slightly and upping our rating to Buy.
The company has maintained momentum in the external disk storage market and is now poised to gain market share with the general availability of hardware and software product updates.
The acquisitions of VMWare and Smarts expand EMC's addressable market into the computer network management space. We view this as an opportunity for organic growth and acquisitions.
Along with becoming more operationally efficient, EMC is reducing the share count over which its profit is being divided. Management has authorization to re-purchase up to 170 million shares, or 7% of its shares outstanding.
The stock is trading at a price of 21 times forward earnings and has a market cap that is three times forward sales. This is below most of the largest technology companies in the world, despite the fact that EMC is growing faster. Our price target of $16.50 represents 26% appreciation within the next 12 months.
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