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Technology Stocks : Dell Technologies Inc. -- Ignore unavailable to you. Want to Upgrade?

To: mepci who wrote (161760)	10/5/2000 1:22:56 PM
From: edamo	Respond to of 176387

mepci..."too many qs. that will go unanswered" great comment!!!! that is the feeling of the street since q2 1999....and the result is that when the street is not buoyed by confidence, they go elsewhere... dell cfo scheduled to make statements...why not "smiling mike"????? or is this not the duty of a ceo???? good luck...ed a.

To: mepci who wrote (161760)	10/5/2000 2:06:23 PM
From: Maverick	Respond to of 176387

Cowen:BUY, tgt $45 DELL (Buy, $28) Top Line Gains Still Decelerating; Downgrade To Buy . DELL H2 top line at risk, pulling down full year growth from 30% to 27% although favorable component pricing and mix should cushion any EPS impact. . Running below plan in Europe and small biz. Notebook and Enterprise, while strong (+45- 50%E), also experiencing relative softness in Europe and small co segments. . Mgmt has not yet provided any guidance re F02 (C01): preliminarily, lowered Q4:01 exit rate, we are using revenue growth of 24-25% to $39.9B vs. previous +30%E to $42.7B. . Growth drivers remain unchanged: enterprise (Internet infrastructure, storage); notebooks (wireless); attached srvcs; storage momentum not quite there yet. Lowering EPS ests: F01 from $0.94 to $0.93; F02 from $1.27 to $1.15; FO3 from $1.65 to $1.45. . Although we maintain our positive fundamental stance, reducing our rating to Buy to reflect our concern re continuing reduz in momentum; revised PT of $45 (35X C01, 31X C02 EPS). CPQ (Buy, $29), HWP (Strong Buy, $96), AAPL (Buy, $24) - DELL statements yesterday will further accentuate pre existing concerns on stocks with PC exposure and European exposure (AAPL, already preannounced; both CPQ (2) and HWP (1) have nominally larger European revenue dependence, at 32%, than DELL at 19%) but we are maintaining estimates and ratings. PHG (NR, $42), SSNLF (NR, $180), SHCAY (Buy, $151), Picvue (2333 TT, NR, NTD30), Wintek(2384 TT, NR, NTD83), KYO (NR, $158) - DELL sees lots of LCD capacity coming on in Q1; also has seen accelerated decline in DRAM pricing (Vanderslice, vice chairman, says had expected 64meg module prices in the $70-80 range, but now $50-60 (see MU story below). SCI (Strong Buy, $37), JBL (Buy, $52) - ECMs with greatest exposure to DELL: SCI (approx 10% of revs; motherboards, other pdt lines); JBL (approx 16%; laptops). Shortfall differential represents an immaterial portion of total revs for both cos; would be buyers on weakness.