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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Jim Willie CB who wrote (39835)	8/6/2001 2:29:28 PM
From: stockman_scott	Read Replies (1) \| Respond to of 65232

Morgan Stanley / MSDW view on EMC: EMC (EMC-$20-N-V) Analyst Meeting Day 2: Maintain Neutral-V Gillian Munson Senior managers presented yesterday. We did not hear anything too far off EMC's well known stance at the meeting. EMC downplayed its competitors, blaming the economy for recent misses. EMC sees the current economic downturn as an opportunity to gain share. EMC is determined to grow software and service. EMC sees the hardware/software/service mix as 50/30/20 vs. 66/23/11 today. Though EMC will release software for others' hardware, it is not moving away from hardware. We maintain our Neutral-V rating. We continue to be cautious. We believe it is too early to tell if the economy is EMC's biggest issue and if the model can indeed snap back. At 60x our C2002E and 43x our C2003E, there is time to wait.