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The Associated Press August 31, 2010, 12:49PM ET

S&P equity analyst downgrades Dell shares

Standard & Poor's equity analyst Tom Smith downgraded PC maker Dell Inc. to "Sell" from "Hold" Tuesday.

THE OPINION: Smith said Dell is reviewing its options after its $27-per-share bid for data storage company 3Par Inc. was topped by Hewlett-Packard Co.

"We think it likely that Dell will bid higher as it seeks to fill out its data-center product lineup," the analyst wrote in a note to investors.

Smith lowered his fiscal 2010 earnings estimate to $1.40 from $1.47 per share and lowered his target price for Dell shares to $11 from $15.

THE STOCK: Shares of Round Rock, Texas-based Dell fell 17 cents to $11.85 in midday trading.

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