Dell Technologies (DELL)


May 21, 2024

DELL: An AI Edition of Dell World

By Steven Fox

Yesterday, we sat in on the Dell Technologies World keynote from Dell’s (DELL; $145.45; E/W) CEO Michael Dell in Las Vegas where the company put forward seven different product advancements, discussed below, aimed at better…

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March 1, 2024

DELL: The AI Party Plays On

By Steven Fox

The shares of Dell Technologies (DELL; $119.75; E/W) are surging 25%+ this morning on the back of a big wave of enthusiasm for the company’s AI opportunities, in the context of a healthy FQ4 (Jan)…

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February 23, 2024

DELL: Can the AI Story Drive the Stock Higher?

By Steven Fox

Dell Technologies (DELL; $89.26; E/W) shares are up 17% YTD, including +10% since Wednesday’s close, ahead of the release of its FQ4 (Jan) results and outlook on Thursday (2/29 after market). We think recent optimism…

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January 16, 2024

DELL: Still Looking for Big Recovery at CES

By Steven Fox

Last week, we hosted an investor meeting with Dell Technologies’ (DELL; $79.31; E/W) Paul Frantz, VP of IR, at the Consumer Electronics Show (CES) in Las Vegas. Our conversation highlighted a broadening range of reasons…

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December 1, 2023

DELL: A Mixed Bag of FQ3 Results and Guidance

By Steven Fox

We adjust F2024E (Jan) EPS for Dell Technologies (DELL; $75.87; E/W) from $6.50 to $6.68 after the company produced a solid FQ3 (Oct) EPS beat, despite lower-than-expected revenues, albeit partially offset by FQ4E (Jan) guidance…

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November 20, 2023

DELL: Guidance Should Prove Closer to Reality This Time

By Steven Fox

We think it especially difficult to “game” Dell Technologies (DELL; $73.60; E/W) upcoming FQ3 (Oct) results and outlook, scheduled for November 30th (after market). On one hand, Dell guidance of the past four quarters has…

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October 9, 2023

DELL: Meeting Highlights Mix Opportunities

By Steven Fox

Last Thursday (10/5), we attended Dell Technologies’ (DELL; $66.41; E/W) Securities Analyst Meeting in New York, which included presentations from CEO Michael Dell, CFO Yvonne McGill, COO Jeff Clarke, along with Arthur Lewis (President, Infrastructure…

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September 1, 2023

DELL: Big Beat to Guidance Again

By Steven Fox

Dell Technologies (DELL; $56.24; E/W) easily cleared its FQ2 (July) guidance bar on EPS of $1.74 (+4% YoY), beating our consensus matching $1.14 and its own $1.00-1.20. The beat was driven by much better-than-expected sales…

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August 24, 2023

DELL: More Risk than Reward into FQ2 Print

By Steven Fox

We approach the shares of Dell Technologies (DELL; $56.71; E/W) with caution into FQ2 (Jul) results and outlook next Thursday (8/31 after market). The stock is +25% (vs. +4% for the S&P 500) since FQ1…

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August 2, 2023

DELL: More AI Developments

By Steven Fox

On Monday (7/31), Dell Technologies (DELL; $52.94; E/W) introduced a new set of solutions (e.g., IT infrastructure, PCs, professional services) aimed at helping enterprises build Generative AI (GenAI) models on-premises in a quick and secure…

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July 20, 2023

DELL: Tucks in Some More AI Skills

By Steven Fox

Last night, Dell Technologies (DELL; $53.65; E/W) announced it signed a definitive agreement to acquire privately held Moogsoft for an undisclosed amount, although it is highly unlikely the transaction “moves the needle” from a financial…

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July 18, 2023

DELL: Nothing Artificial About the AI Story

By Steven Fox

Yesterday, we sat in on Dell Technologies’ (DELL; $54.98; E/W) “Ask the Experts” Q&A call with Jeff Clarke, Vice Chairman and co-COO, John Roese, Global Technology Officer, and Jeff Boudreau, President, Infrastructure Solutions Group. The…

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June 2, 2023

DELL: Not Out of The Woods Quite Yet

By Steven Fox

We bump up F2024E (Jan) EPS for Dell Technologies (DELL; $45.46; E/W) from $5.15 to $5.35 after the company raised full year EPS guidance from $5.00-5.60 to $5.25-5.75, albeit after FQ1 EPS (Apr) beat our…

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June 1, 2023

DELL: First Look at FQ1 (Apr) Results

By Steven Fox

Dell Technologies (DELL; $45.58; E/W) released its FQ1 (Apr) results at 3PM EST. Specifically, the company reported non-GAAP EPS of $1.31, which beat our $0.85 and the Street’s $0.86. Sales were better than our forecasts…

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May 24, 2023

DELL: More EPS Cuts Coming?

By Steven Fox

We are concerned our and Street forecasts for Dell Technologies (DELL; $45.43; E/W) go through another round of cuts after its FQ1 (Apr) print next Thursday (6/1 after market). Recall, Dell’s F2024E (Jan) outlook called…

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