Employees who either have shares or have options to buy shares in Irish-based multinationals EMC and Microsoft will be heartened to see Merrill Lynch issuing a long-term buy recommendation.

The broker has raised its estimates for fourth-quarter earnings at EMC on the back of continued strong earnings growth and higher-than-expected margins.

Meanwhile, it paints a similarly upbeat picture for Microsoft raising its predictions for earnings per share in 1999. Merrill Lynch has raised its EPS forecasts from $2.15 (£1.43) to $2.68 (£1.78) per share.