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

To: Sig who wrote (165786)	6/12/2001 9:16:22 AM
From: GVTucker	Read Replies (1) \| Respond to of 176387

Yeah, Gillian raised DELL to an accumulate. Here's the quick summary: --WE ARE UPGRADING DELL TO OUTPERFORM W/A TARGET OF $33 After recent talks with the co., we have a clearer picture of Dell's strategy than we have had in a while. We feel more confident the low cost model will work, as will Wintel in the enterprise. --LONG, HOT SLOW SUMMER IN PC LAND STILL AN ISSUE We may be a bit early, but fell now is the time to start buying the stock in dips. We suspect that downward EPS revisions for Dell are slowing, with better growth becoming clearer. --TIMING, VALUATION & ECONOMY ARE BIGGEST RISKS $33 target assumes a premium of 35X C02E EPS. We see Dell at 25-35X or $24-$33. A lot depends on economy improving. --RAISING ESTIMATES TO REFLECT MORE CONFIDENCE IN DELL'S DIRECTION We think we have been too conservative on margins for 02. C02 goes to $0.94 from $0.90 on rev of $35.8B (up 17% Y/Y). C01 remains at $0.71 on rev of $32.9B (up 3% Y/Y).