Goldman Sachs Downgrades Rating On Dell; Removes From Conviction List

• Goldman Sachs analyst Rod Hall downgraded Dell Technologies Inc (NYSE:DELL) to Neutral from Buy with a price target of $61, down from $68 (21.5% 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.
• Price Action: DELL shares traded lower by 1.35% at $49.51 in the premarket on the last check Friday.