Morgan Stanley Dean Witter

has

cut its rating on

Dell

(DELL) - Get Report

this morning to neutral from outperform after the company reported earnings Thursday. The PC maker said revenue is likely to grow more slowly than anticipated for fiscal 2002, and the stock was falling in preopen trading.

Morgan Stanley cut its fiscal 2002 earnings estimates to $1.07 from $1.10. Other analysts also have reacted today to the report.

Chase Hambrecht & Quist

cut its earnings estimates to $1.12 from $1.15 for fiscal 2002, but maintained its market perform rating.

Bear Stearns

reiterated its neutral rating.

Credit Suisse First Boston

lowered its 2002 estimates to $1.08 from $1.10, and fiscal 2003 estimates to $1.25 from $1.30.

Robertson Stephens

assumed coverage of the stock this morning with a market perform rating, and said it was "cautious about the company's prospects of demonstrating consistent top-line growth moving forward in the face of declining gross and operating margins."

ING Barings

maintained a buy rating, but lowered earnings estimates to $1.13 from $1.16 for fiscal 2002.

Morgan Stanley

downgraded

Intel

(INTC) - Get Report

this morning. The chipmaker, which manufactures chips for PC makers like Dell, was losing ground in preopen trading, down $4.38 to $37, a 10% loss. Morgan Stanley cut 2000 earnings to $1.68 from $1.70, and cut 2001 earnings to $1.65 from $1.75.

Disney

(DIS) - Get Report

has been sent in two different directions this morning. It has been downgraded to market perform from buy at

Deutsche Banc Alex. Brown

, after the company reported earnings of 20 cents a share for the fiscal fourth quarter. The brokerage firm also lowered fiscal 2001 earnings estimates to $1.02 from $1.07, citing worries about the broadcasting sector and the economy.

Salomon Smith Barney

dropped the company's stock to an outperform from buy, and lowered fiscal 2001 estimates to 97 cents from $1.02 and fiscal 2002 to $1.12 from $1.17.

Meanwhile, CSFB upgraded the company's stock to strong buy from buy.

Upgrades

Buckle

(BKE) - Get Report

: UP to buy from hold at CSFB; fiscal 2000 earnings per share estimate UP to $1.54 from $1.50; fiscal 2001 estimate up to $1.75 from $1.65.

Compagnie Generale de Geophysique

(GGY)

: UP to buy from outperform at Salomon; price target: $22.

Rayovac

(ROV)

: UP to strong buy from accumulate at

Prudential Securities

.

Downgrades

Aventis

(AVE)

: DOWN to hold from accumulate at

Commerzbank

.

Harrah's

(HET)

: DOWN to hold from buy at

UBS Warburg

.

Initiations

Andrx

(ADRX)

: NEW buy at CSFB; price target: $17.

Asia Global Crossing

(AGCX)

: NEW buy at

Merrill Lynch

; price target: $17.

Comverse Technology

(CMVT)

: NEW buy at CSFB; price target: $128.

Introgen Therapeutics

(INGN) - Get Report

: NEW strong buy at UBS Warburg.

Metasolv

(MSLV)

: NEW buy at Alex. Brown.

Micromuse

(MUSE)

: NEW buy at Alex. Brown.

Portal Software

(PRSF)

: NEW buy at Alex. Brown.

Sybron International

(SYB)

: NEW buy at CSFB; price target: $38.

Group Moves

Merrill Lynch raised price targets on several beverage stocks:

Salomon initiated coverage on three reinsurance companies:

  • Everest Re (RE) - Get Report: outperform, price target: $67.
  • Mutual Risk Management (MM) : neutral.
  • ReniassanceRe (RNR) - Get Report: buy; price target: $83.