Morgan Stanley Dean Witter cut its rating on Dell ( DELL) this morning to neutral from outperform after the company reported earnings yesterday.

The PC maker yesterday 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 have also 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.

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