GS and ML are blind to the fact that Dell now makes crap computers, has over-optimized operations, and piss-poor customer support. Yes, they do talk about the “significant challenges”, the “secular/cyclical challenges”, but they’re blind to the point that you have:
Asus making really good, really great Netbooks.
HP [now] making generally very good computers (3 years ago, I was short HPQ long DELL).
AAPL is a contender for style.
Though, I guess I’m playing a broken record. The Sell Side never gets it right, and is always bullish.