Barclays Cuts PT and Estimates on Dell (DELL); Apple's (AAPL) Momentum Proves Disrupting

Barclays maintains an 'Equalweight' on Dell (NASDAQ: DELL) price target cut from $19 to $16.

Analyst, Ben A. Reitzes, said, "Dell's results and commentary around tablets suggest to us that Apple (Nasdaq: AAPL) continues to disrupt the traditional PC market and gain momentum through tablets (iPad) and smartphones (iPhone). In our recently published Global Tech Outlook (5/17), we noted that Dell's PC business is challenged due to the rise of Apple and its leadership in the "Consumerization of IT." Given the expected strengths of new Apple products in the 2H12, Dell's client businesses could remain pressured and result in lower FY13 guidance on the August conference call."

Barclays lowers FY13 EPS estimate from $2.10 to $1.85, lowers revenues from $62.87 bln to $60.01 bln. FY14 cut from $2.10 to $1.80 and FY15 from $2.10 to $1.85...with revenues cut to around $60.7 bln.

For an analyst ratings summary and ratings history on Dell click here. For more ratings news on Dell click here.

Shares of Dell closed at $15.08 yesterday.

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