Credit Suisse cuts its price target on Dell DELL from $16 to $14 as it reiterates an Underperform rating on shares.
Credit Suisse says, "Lowering EPS and TP, challenging times ahead. We lower our Dell EPS by 8% for FY13 to $1.90 following the company's Q1FY13 results. Our FY14 EPS estimate is lowered to $1.89 from $1.90. We continue to believe that Dell remains challenged in delivering meaningful bottom-line growth given its end market exposure and GMs that are peaking. Our target price drops to $14 (from $16) and we reiterate our Underperform."
DELL closed at $15.08 on Tuesday.
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