Wells Fargo Resumes Dell (DELL) at Market Perform

Wells Fargo resumed coverage on Dell (NASDAQ: DELL) with a Market Perform rating and $12-$13 valuation range.

The firm believes "investors may be better served waiting near term given our expectation for fiscal-year guidance elimination or reduction next earnings, due, in part, to (1) macroeconomic, currency, and competitive challenges in its transactional businesses; (2) sales execution issues, which may have caused investors to have less conviction in the timing of potential revenue returns on sales investments, and (3) modest accounting headwinds from what we believe may be warranty underaccruals." Wells Fargo will reconsider its rating upon "further devaluation, guidance overhang lift, better line of sight to easing pressures in macro and competition, or more confidence in the company's sales execution..."

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

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