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Dell: J.P. Morgan Turns Bearish as It Chops PC Forecast

February 5, 2009
by Eric Savitz
Blogger and Columnist, Barron's Tech Trader Daily

Eric Savitz

J.P. Morgan analyst Mark Moskowitz this morning cut his rating on Dell (DELL) to Underweight from Neutral, chopping his price target to $8.50 from $12. The move is connected to his new, grimmer outlook for 2009 PC sales: He now expects world-wide shipments to drop 13.5 percent this year, down from his previous forecast for a decline of 3.7 percent.

“Dell’s high PC exposure, particularly in the enterprise, could force the company to seek revenue offsets where incremental costs and competition could detail a return to margin stability or result in cash burn,” he writes.

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