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UPDATE: FBN Securities Reiterates Sector Perform Rating, Raises PT on Dell on Modest FQ4 Beat

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In a report published Wednesday, FBN Securities reiterated its Sector Perform rating on Dell (NASDAQ: DELL), and raised its price target to $14.00.

FBN Securities noted, “We retain our Sector Perform rating on DELL and raise our PT to $14 to reflect the likelihood of a the company being taken private. Dell reported FQ4 revenue of $14.3B (-11% Y/Y and ahead of consensus of $14.1B) and NG EPS of $.40 (vs. consensus of $.39). NG GM% of 22.8% was ahead of our 22.1% estimate, but GM benefited by 180bp due to vendor settlements, so normalized GM was 21.0%, below our estimate. After ceding share for many quarters to the Asian PC companies (Lenovo, Asus, etc.), DELL decided to become more price aggressive in PCs.”

Dell closed on Tuesday at $13.81.

Latest Ratings for DELL

May 2013Morgan StanleyReinstatesEqual-weight
Mar 2013Topeka CapitalMaintainsBuy
Feb 2013BMO CapitalMaintainsMarket Perform

View More Analyst Ratings for DELL
View the Latest Analyst Ratings

Posted-In: FBN SecuritiesAnalyst Color Price Target Analyst Ratings


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