UPDATE: Credit Suisse Cuts PT to $14 on Dell on Challenges Ahead

Credit Suisse cuts its price target on 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.