- Goldman Sachs analyst Rod Hall downgraded Dell Technologies Inc DELL to Neutral from Buy with a price target of $61, down from $68 (21.5% upside).
- Hall also removed the shares from Goldman's Americas Convictions List.
- Dell remains inexpensive compared to its peers.
- However, he sees increasing fundamental headwinds hindering this value unlock.
- The analyst notes that PC demand has already moderated for low-end consumers and higher-end demand to inflect by the end of this year.
- Morgan Stanley recently downgraded Dell due to a dismal PC outlook, likely jeopardizing its valuation.
- Price Action: DELL shares traded lower by 1.35% at $49.51 in the premarket on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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