Shares of EMC Corporation (EMC: sentiment, chart, options) are off 1.7% today following a price-target cut from Jefferies & Co. The brokerage firm dropped its price target on EMC from $16 to $14, though it also reiterated a bullish "buy" rating on the shares.

The downwardly revised price target represents a premium of 21% to the stock's closing price Monday, and it's modestly higher than the average 12-month price target of $13.33.

Many analysts have been forced to trim their estimates on EMC, due to its 54% plunge from its October 2007 peak, but the overwhelming majority of brokerage firms continue to recommend the stock. Zacks reports 12 "strong buys" and 4 "buys," compared to just 5 "holds."

The equity is currently enjoying a minor uptrend within its longer-term decline, having closed last week atop its 20-week moving average for the first time since August. However, resistance looms overhead. Not only are the shares having difficulty surmounting the 12 level, but EMC's 40-week trendline is dropping through the 13 region. This intermediate-term moving average rebuffed prior rally attempts in May and August, and could once again smack the shares lower.

If the stock pulls back from its recent rally and resumes its slump, downgrades from the overwhelmingly optimistic brokerage bunch could weigh heavily on EMC.