Citi analyst explains why Dell could ‘outperform’ from here


Citi analyst explains why Dell could ‘outperform’ from here

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Wajeeh Khan

May 31, 2022

Citi’s Jim Suva makes a bull case for Dell on CNBC’s “TechCheck”.

The stock is down more than 15% from its YTD high in February.

Dell reported record results for its fiscal first quarter last week.

In an environment that has many sounding an alarm on the PC market at large, a Citi analyst expects Dell Technologies Inc (NYSE: DELL) to be an outperformer moving forward.

There’s more upside in Dell stock

Shares of the Texas-based company are already up more than 20% this week, but Jim Suva is convinced there’s more where that came from. This afternoon on CNBC’s “TechCheck”, he said:

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We think Dell Technologies is going to outperform here because they are more geared towards the enterprise side of things. And we are seeing a handoff from consumer to enterprise. Employees are demanding a good workstation.

Just days ago, Dell Technologies reported record results for its fiscal first quarter that handily topped Wall Street expectations. The stock is still down more than 15% from its February-high.

Dell has diversified its business

According to the Citi analyst, Dell has an edge over some of the other names in this space because it has branched out into a lot more than just the personal computers. Suva noted:

They now have a full-service end-to-end solution. Today, they’re selling storage, servers, connectivity, cloud, a lot more security and software. If they only did PCs, they’d probably be facing similar challenges that the rest of the supply chain is.

He rates Dell Technologies Inc at “buy” with a price target of $65 a share that represents another 30% upside from here. The stock trades at a PE multiple of 6.80 at present.

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