Dell management meetings reinforce Overweight thesis, says Morgan Stanley

Morgan Stanley analyst Erik Woodring tells investors in a research note that meetings with Dell management, including incoming CFO Yvonne McGill, reinforce the firm’s Overweight thesis and sees both multiple expansion and positive estimate revisions driving outperformance over the next 12 months. The firm says the October 5 Analyst Day is likely to drive a re-rating towards the $56 price target, with the $81 bull case valuation.