EMC Earnings Preview: Information Infrastructure Revenues Could Remain Subdued

Despite a slow year for information storage and EMC's core businesses, the company has a positive outlook for the coming quarters. Management expects net revenues to rise by 7% y-o-y to over $26 billion in 2015 despite a possible negative impact of foreign exchange. According to management, FX could impact net revenues by as much as $550 million through 2015. We have a $30 price estimate for EMC, which is about 10% higher than the current market price.