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A.G. Edwards Cuts Dell to Hold

From Standard & Poor's Equity Research

A.G. Edwards downgraded Dell (DELL) to hold from buy, explaining that the company slashed earnings expectations for its second quarter.

Analyst David Wong cut his $1.42 fiscal year 2007 (ending Jan.) earnings per share (EPS) estimate to $1.05 and his $1.82 fiscal year 2008 EPS estimate to $1.12. He notes reasons for the shortfall are aggressive pricing and worldwide weakness in the commercial market. Although he thinks that a lot of the bad news will rapidly be incorporated in the company's stock price, he thinks that it may take several quarters for Dell to generate market share momentum or significantly improve its operating margins.

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