Merrill Lynch

maintained a buy rating on

Dell

(DELL) - Get Report

even as the computer maker's stock suffered the after-effects of the company's earnings and revenue warning earlier this week.

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Merrill Lynch analyst Steve Fortuna said in a research note he expects PC makers' earnings to meet expectations and added that he is bullish for the fourth quarter.

Dell warned Wednesday that revenue and profits, largely affected by weakened demand in Europe, would miss analysts' expectations for the current quarter and year. The warning knocked the stock down to it's lowest level since late 1998, and helped wipe 1.45% off the

Nasdaq

. Ripple effects were also felt in Asia.

Friday morning, Dell's stock was trading at $26, up from the previous close of $25.19.