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Goldman Sachs Cuts Dell to Sell

From Standard & Poor's Equity Research

Goldman Sachs downgraded Dell (DELL) to sell from neutral, after the company posted disappointing quarterly results and said that an audit committee begins an accounting investigation.

Analyst Laura Conigliaro says most of the company's woes have been well-telegraphed for some months, but the degree to which they're affecting Dell and their staying power are only now being appreciated. She says that neither the second half demand improvement nor the company's Sep. 12 to 13 analysts' meeting are likely to cause much change. She notes the company's more concentrated positioning on commercial vs. the consumer side, and expects the analysts meeting to be uneventful with no business model plan to catalyze it. She cut her $24 stock price target to $21.

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