UPDATE: Deutsche Bank Reduces PT to $16 on Dell Following Disappointing Results

Deutsche Bank reiterated its Buy rating on Dell DELL but lowered its price target form $17 to $16. Deutsche Bank noted, "Dell posted revs of $14.5B and non-GAAP EPS of $0.50, which missed the top line but beat EPS expectations (vs. DB and Street at $14.8B/$0.46). EPS upside was primarily from a $70M gain and lower tax rate. Also, Dell cut FY13 non-GAAP guidance to $1.70+ (vs. Consensus ~$1.90+) on PC erosion/pricing and macro weakness. Dell closed at $12.34 on Tuesday.