Credit Suisse reiterates Outperform on Dell Technologies after 5% headcount cut

Credit Suisse analyst Shannon Cross notes that Dell Technologies (DELL) announced on Monday a 5% headcount reduction and several actions to strengthen the business amid eroding market conditions. The announcement follows an 8% headcount reduction disclosed by NetApp (NTAP) last week and marks the eighth company within the firm’s coverage to formally announce layoffs since October 2022 — Apple (AAPL) notably is not on the list, given its conservative hiring practices and relatively stable end markets, but has stopped hiring in most areas. Credit Suisse reiterates an Outperform rating on Dell with a price target of $50 on the shares.