Here's Why Morgan Stanley Downgraded Dell

Morgan Stanley analyst Erik Woodring downgraded Dell Technologies Inc DELL to Equal Weight from Overweight with a price target of $60, down from $66 (10.5% upside).
The analyst noted that the 2022 outlook for data center infrastructure is strong, but cracks are occurring in the PC outlook.
Woodring noted the valuation is likely to be capped by slowing PC growth in the near term.
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Evercore ISI recently upgraded its rating on Dell.
Evercore ISI saw Dell surpass its Q1 FY22 forecasts due to "share gains across [Dell's] PC and infrastructure segments" and a recovery in the high-end storage market.
Dell's Q4 revenue of $28 billion beat the consensus of $27.44 billion. EPS of $1.72 missed the consensus of $1.95.
Price Action: DELL shares closed lower by 1.3% at $54.32 on Wednesday.

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