UPDATE: Credit Suisse Lowers PT to $11 on Dell Following FQ3 Report

Credit Suisse reiterated its Sell rating on Dell

and reduced its price target from $11 to $14 a share. Credit Suisse noted, "Following Dell's F2Q13 earnings report, we lower EPS estimates for by 7%/13%, to $1.76/$1.65. As highlighted by F2Q13 results, further operating improvements may prove challenging given the need to sustain already anemic revenue growth. Issues around client growth and margins that are close to peaking at the gross and operating levels are likely to persist. As a result, we lower our target price to $11 (from $14) and maintain our Underperform rating." Dell closed at $12.34 on Tuesday.