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Technology Stocks : Dell Technologies Inc.

DELL 133.78

-0.1%

3:59 PM EST

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To: jhg_in_kc who wrote (71670)	10/13/1998 12:25:00 PM
From: stockman_scott	Read Replies (2) of 176387

New SG Cowen Comments on DELL --- 10/12/98 Maintaining Strong Buy Rating. "...evidence will build that Dell is leaving the rest of the party behind and none of its competitors are getting close to closing the business model gap." "Dell's business momentum continues strong on a broad front, despite intensified investor concerns that it is directly exposed to negative adjustments in corporate IT budgets. In the brief intervening period since the 9/24 Analyst Meeting in Austin, Dell's day-to-day order momentum has remained solid. Our current F00(essentially calendar 99) estimates are predicated on revenue growth of about 35%;....our bet is that Dell will beat numbers in the October quarter (28c vs. 17c, +52% revenues) with a good chance that estimates will go up post Q3 results. It is worth underscoring that Dell's global market share in PC's is just over 8% this year (calander 98); its business model advantages suggest that it should continue to take a significant share in the year up ahead even if the pie does not grow....For 1999 we believe that there is a good chance that industry wide pricing will firm, portending better revenue performance even if unit growth remained unremarkable." FY (Jan.) EPS F1997 F1998E F1999E 0.64 1.05 1.42 CY EPS C98 C99 1.05 1.42 CY P/E Est. C98 C99 50.2 37.1 ------------------------------------------------------------------- ****Please note that Dell was the only PC hardware firm to have a Strong Buy rating and "be best positioned for good news quarters." ----------------------------------------------------------------- IMHO, DELL will continue to be the next DELL. -Scott

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