Goldman Sachs analyst Rod Hall downgraded Dell Technologies Inc to Neutral from Buy with a price target of $61, down from $68 (21.5 percent 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.
By Anusuya Lahiri
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