With Little Upside To Capture, Longbow Downgrades EMC

Longbow has downgraded EMC Corporation (NYSE: EMC) to Neutral from Buy on valuation as the shares reached the brokerage's target price of $28.

"Valuation has expanded as confidence grew in Dell's ability to raise the required capital to acquire EMC, through new debt raises and asset sales. Consequently, there is little remaining upside to capture," analyst Joe Wittine wrote in a note.

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In October, Dell agreed to buy EMC for $67 billion. The U.S. regulators have approved deal in February.

At the time of writing, shares of EMC were down 0.09 percent to $27.82.