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Technology Stocks : EMC How high can it go? -- Ignore unavailable to you. Want to Upgrade?

To: PAR who wrote (3286)	12/1/1998 4:42:00 PM
From: bob gauthier	Respond to of 17183

RESEARCH ALERT-Soundview ups EMC shr target NEW YORK, Dec 1 (Reuters) - Shares of EMC Corp. surged to a new record high Tuesday after SoundView Technology Group Inc. analyst Gary Helmig boosted his 12-month price target on the stock to $95 from his previous level of $70. -- In late afternoon trading, the stock was up $4.25 to $76.75, amid a broad rebound in technology issues from Monday's bout of profit-taking. EMC has headed steadily higher since Oct. 8, when the stock traded just above $40. -- The analyst retained his strong buy rating on the stock and $1.91 per share earnings estimate for the 1999 year, or roughly in line with the consensus estimate on Wall Street of $1.93, according to First Call. -- Helmig said the new price target reflects the 50 times price-to-earnings multiple that the stock now commands, projected outward to the 1999 fiscal year. -- He noted that EMC, the dominant player in the market for large computer data storage systems, is growing faster than other well-know technology names like Microsoft, Intel and Cisco, but commands a lower multiple than all but Intel. -- Helmig said there remained a lot of upside to his projection, since it is built on an assumption of roughly 30 percent growth in 1999, even though the company's has hinted that it will grow nearer to 37 percent next year.