Dell forecasts upbeat fiscal 2025 on AI server demand
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Dell (DELL) PT Raised to $105 at TD Cowen
March 1, 2024 6:23 AM ESTTD Cowen analyst Krish Sankar raised the price target on Dell (NYSE: DELL) to $105.00 (from $75.00) while maintaining a Market Perform rating.
The analyst comments "Dell reported Jan '24 Rev/GM/EPS of $22.3B/ 24.5%/ $2.21, above consensus' view of $22.2B/ 23.6%/ $1.73, respectively. AI server backlog grew to $2.9B exiting F4Q24 and more importantly growth is starting to be felt in storage as well. FY25 sales were guided +5% Y/Y (above the LT CAGR), with AI accelerating ISG to up mid-teens%. Despite this solid execution, PC demand remains soft (CSG business expected to grow LSD% in FY25),... More
