UPDATE: Morgan Stanley Upgrades Dell to Equal-Weight

Morgan Stanley raises its rating on Dell DELL to Equal-weight from Underweight as acquisitions improve the company's mix. Morgan Stanley says, "We upgrade Dell from UW to EW and raise estimates as recent acquisitions partially address Dell's mix challenges. Longer-term, our bull case envisions plausible ~$2.70 EPS despite lower PC margin as mix of higher margin M&A improves. We raise our base case valuation to $18, 8x CY13e EPS of $2.30." DELL closed at $16.22 a share yesterday.