Deutsche Bank analyst Jeriel Ong lowered his price target for Dell Technologies to $60 from $62 and maintained a Buy rating, saying that across the semiconductor, hardware, and networking verticals, his firm has observed cautious macro commentary that leads him to believe that a more conservative forecast for Dell estimates is reasonable and warranted. The analyst lowered his his EPS estimates for FY20/FY21 by ~3% with the revenue changes exclusively in Dell's ISG segment, predominantly within Storage where he now forecasts y/y revenue declines in FY20, but some within Servers & Networking as well. While Ong says he sees Dell as a long-term share gainer in the market, he feels that a company with a revenue line of ~$90B+ is unlikely to be immune to a weakening broader macro spending dynamic.