UPDATE: Sterne Agee Upgrades Dell to Neutral

Sterne Agee has published a research report on Dell

and has upgraded the company from Underperform to Neutral after the stock price hit Sterne's previous price target of $15, which has now been removed. In the report, Sterne Agee writes, "We are upgrading our rating on DELL to Neutral from Underperform and suspending our price target. Shares have grossly underperformed, hitting our previous $15 price target, declining 17% since our downgrade in mid-February vs. a 2% decline in both the S&P 500 and NASDAQ in the same time period. [O]ur concern was that investor sentiment on DELL shares had gotten too positive and arguably complacent for a company where consensus is modeling essentially no revenue or EPS growth. With the sizable pullback in shares, we believe expectations have been reasonably reset." Dell closed yesterday at $15.02.