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Fly News Breaks for March 5, 2015
VMW, EMC
Mar 5, 2015 | 06:15 EDT
Citigroup says it does not believe EMC (EMC) will announce a tax free spin-off of VMware (VMW) in the near-term. In a note titled "Divorce or Stay Married for the Kids," Citi argues that EMC activist pressure is likely to increase should the shares continue to underperform, which it believes would increase the likelihood of a spin in September or beyond. The firm thinks a spin could unlock near-term value, but cautions the long-term strategic position of the surviving EMC storage entity "could be impaired." Citi has a Neutral rating on EMC with a $28 price target and Buy rating on VMware with a $99 price target.
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