Morgan Stanley lowered the firm’s price target on Dell Technologies (DELL) to $101 from $111 and keeps an Underweight rating on the shares. The firm is expecting “a solid, if not good,” January quarter and April quarter guidance from off-cycle hardware coverage names including Dell, HP Enterprise (HPE), HP Inc. (HPQ), NetApp (NTAP) and Pure Storage (PSTG), but is “gaining conviction in our cautionary memory thesis,” the analyst tells investors in an IT hardware group preview note.
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