Credit Suisse First Boston

analyst Amit Chopra lowered his estimates on storage device maker

EMC

(EMC)

this morning, saying "our checks indicate that pricing pressure and increasing utilization rates continue to drag on EMC's hardware model."

According to a research note, the analyst cut his fiscal 2001 revenue estimate to $9.9 billion from $10.2 billion, and he lowered his earnings forecast to 73 cents a share from 74 cents a share. Chopra also lowered his fiscal 2002 estimates, taking his revenue projection down to $12.6 billion from $13 billion and his earnings expectation to 85 cents a share from 91 cents.

Additionally, Chopra slashed the stock's 12-month price target to $30 from $75. Shares of EMC lately rose 2.5% to $27.83.

Analysts at

Merrill Lynch

lowered their price target on EMC yesterday to $43 from $48.

Deutsche Banc Alex. Brown

initiated coverage of EMC yesterday with a price target of $50.

"We expect that EMC will be responsive to pricing pressures over the coming quarters, aggressively seeking to expand its hardware installed base and setting the table for future software growth," Chopra wrote. "On a positive note, our checks indicate that the company's IP 4700 product continues to rack up share in the growing

network attached storage market."