Analyst Laura Conigliaro downgraded EMC shares to "Neutral" from "Buy," and removed the company's shares from the Goldman Sachs "Americas Buy List."

EMC was added to the buy list in February, based on its plan to spin off virtualization software company VMware Inc. EMC's shares, the analyst noted, gained 69 percent during that time, compared with only a 4 percent gain for the S&P 500.

EMC, which still owns a 86 percent interest in VMware, spun off a 10 percent stake in the company in August. VMware's IPO became the biggest technology stock offering since Google's three years earlier.

VMware's virtualization software allows a single computer to function like multiple machines, allowing companies to spend less on equipment and use less energy in their data centers.

Conigliaro also cited EMC's exposure to financial services markets and computer maker Dell Inc.'s acquisition of EqualLogic earlier in the day as reasons for the downgrade. EqualLogic makes virtualization and other data storage software.

Still, she expects solid results for the current quarter.

"Although it is still very early into the December quarter, we expect EMC to deliver strong fourth-quarter results," the analyst wrote. "Even now, there is evidence suggesting that some key companies supplying components to EMC are seeing favorable order patterns."

Nonetheless, Conigliaro said this is largely discounted in the valuations of both EMC and VMware.

Hopkinton, Mass.-based EMC's shares fell $1.06, or 4.3 percent, to close at $23.49 Monday. The stock, which is down more than 7 percent month-to-date, has traded between $12.01 and $25.47 in the past 52 weeks.

Shares of VMware fell $4.57, or 3.9 percent, to close at $112.55. The stock closed at $51 on its first day of trading on Aug. 14 and has seen steady gains since.