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Banc of America Cuts Dell to Neutral from Buy

Banc of America downgraded Dell (DELL) to neutral from buy, explaining that the personal computer maker's earnings guidance is below estimates.

Analyst Keith Bachman believes these trends will continue, as Dell has weak operating income growth and margins in consumer business. He adds that the company faces a slowing US Personal Computer unit growth rate and slowing growth rates in enterprise servers due to greater competition, especially from Hewlett-Packard (HPQ). He's watching progress from several initiatives that could make him more bullish again, such as using the PC as real estate to sell/lease to websites or software companies, broadening distribution channels to more emerging market exposure, a deeper partnership with AMD (AMD), and the strength/timing of the Vista launch.

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