), is providing some color on the stock. “We have adjusted our estimates due to stronger-than-expected gross margins, with our non-GAAP EPS for 2011/2012/2013 rising to $1.61/$1.43/$1.55 from $1.44/$1.40/$1.47,” Goldman Sachs writes. “It is clear that Dell's execution has improved significantly, and the company's multi-year restructuring has allowed it to take advantage of favorable PC pricing and supply chain conditions much better than we previously anticipated. “Nonetheless, we maintain our Sell rating and overall thesis on Dell. We continue to fear gross margins will reset as PC pricing becomes more aggressive and component prices firm. Furthermore, the steady increase in the opex ratio adds risks to EPS if our gross margin views prove correct. We factor this view into our new estimates (which are below guidance).” Dell closed Tuesday at $15.90.