UPDATE: Goldman Sachs Reduces PT to $9 on Dell on Lower PC Forecasts

Goldman Sachs reiterated its Sell rating on Dell DELL and reduced its price target from $11 to $9. Goldman Sachs commented, "While Dell candidly discussed PC weakness last quarter and reset expectations accordingly, we believe the market and competitive dynamics have continued to worsen. In addition, Dell's penchant for sacrificing market share to preserve margins may become increasingly challenging to maintain as competitors become more aggressive. While Dell's margins may hold up better than its competition in coming quarters, its revenue and unit shortfalls may be more severe. Furthermore, we continue to believe incrementally weaker server demand (in traditional enterprises) will weaken Dell's near-term ability to counter PC weakness with its enterprise solutions business." Dell closed at $10.04 on Thursday.