UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on Dell

In a report published Friday, Deutsche Bank reiterated its Buy rating on Dell

, but lowered its price target from $16.00 to $13.00. Deutsche Bank noted, “Dell posted revs of $13.7B and non-GAAP EPS of $0.39, which missed expectations (vs. DB and Street at $13.9B/$0.40). Solid server results offset expected weakness in PCs and OMs of 6.5% were roughly in-line. Dell maintained FY13 non-GAAP guidance of $1.70+ (vs. Consensus at $1.73) but visibility remains poor. We cut est's and PT to $13, but at ~$9.30 in the aftermarket & 3x CY13 EPS x-cash DELL remains inexpensive, in our opinion.” Dell closed on Thursday at $9.56.