NEW YORK (TheStreet) -- Shares of EMC Corp (EMC) were higher by 1.81% to $25.38 in early market trading on Thursday, after analysts at Wells Fargo raised their rating on shares of the data storage company this morning.
Wells Fargo upgraded EMC to "outperform" from "market perform" citing a more favorable risk/reward balance.
The firm also increased its price target range to between $29-$31 from its prior $26-28.
Analysts said they see potential of strategic actions before the end of the year, after the data storage company cut its full year outlook amid slower spending in its storage business.
Yesterday, EMC reported its latest quarterly earnings results.
For the second quarter, the company earned 43 cents per share on revenue of $6.1 billion.
Analysts were expecting the company to post earnings of 41 cents per share on revenue of $6.1 billion.
Hopkinton, Mass.-based EMC is a provider of enterprise storage solutions, including hardware, software and services.
The company operates in two businesses including EMC's information infrastructure business, and the VMware virtual infrastructure business.
Separately, TheStreet Ratings team rates EMC CORP/MA as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate EMC CORP/MA (EMC) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and weak operating cash flow."
You can view the full analysis from the report here: EMC Ratings Report