As previously reported, Morgan Stanley analyst Katy Huberty initiated Dell Technologies with an Equal Weight rating and a price target of $49, stating that the company is well positioned to capitalize on the next 10 year technology investment cycle, which she calls the "Data Era," but she sees near-term risks, including slower hardware growth in 2019 and high leverage. Huberty also downgraded her IT Hardware industry view to In-Line from Attractive this morning, noting that the firm's recent CIO and VAR surveys provide new data points that suggest IT hardware growth will slow in 2019.Target $49.