UPDATE: Goldman Sachs Raises PT to $12 on Dell

In a published report, Goldman Sachs reiterates its Sell rating on Dell Inc. (NASDAQ: DELL) as revenues slip, but raises its price target from $11 to $12 per share on the company's impressive execution on margin and enterprise. Goldman Sachs notes, “We are maintaining our Sell rating due to our PC revenue and margin concerns stemming from our expectation for more aggressive PC pricing and increasing HDD costs from flooding in Thailand. Nevertheless, if we see evidence that Dell is managing through the January quarter with minimal gross margin erosion, many of our concerns with the story would be alleviated. We are raising our FY2012-FY2014 EPS estimates by 14%/18%/24%, respectively, to account for the company's stronger pricing, opex and enterprise execution.”DELL closed up 2.02 percent at $15.63 per share on Tuesday.