Dell Inc's (NASDAQ:DELL) weak forecast and disappointing quarterly results triggered price target cuts from a slew of brokerages on the stock of the world's No.3 personal computer maker.
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Shares of the company were down about 13 percent at $13.13 in premarket trading.
Dell said it expects its revenue to grow 2 to 4 percent to between $14.7 billion and $15 billion for the current quarter, well short of the $15.4 billion analysts had been expecting on average.
A cautious IT spending environment and challenges in its PC business will keep dogging Dell in fiscal 2013, BMO Capital Markets analyst Jung Pak wrote in a research report and cut the price target on the stock to $16 from $18.
Dell's first-quarter earnings and revenue were also lower than expected, hurt by weak sales to consumers, large enterprises and government units. Mobile devices like the iPad have hit demand for PCs.
"The non-PC transformation is not big enough yet to absorb acute pains in PCs," said J.P. Morgan Securities analyst Mark Moskowitz said and cut the price target to $19 from $21.