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Goldman Sachs Downgrades Dell

Dell (DELL) reported 41 cents, vs. 31 cents, second-quarter earnings per share (GAAP basis). Goldman Sachs downgraded the stock to in-line from outperform.

Analyst Laura Conigliaro says she no longer expects revenue growth to get back to the high-teens on a regular basis (which was what she was anticipating), and neither does she look for any change in margins. She expects bottom line growth excluding buybacks to mirror revenue growth (now 14.5%-15% in her model), suggesting that the stock is probably already at or close to fair value based on its after-hours price, leaving it in a limited trading range.

Conigliaro cut $1.62 fiscal year 2006 (January) EPS estimate to $1.59, $1.89 fiscal year 2007 forecast to $1.85, and $2.19 fiscal year 2007 estimate to $2.11.

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