Dell Technologies initiated with a Buy at Goldman Sachs

Goldman Sachs analyst Michael Ng initiated coverage of Dell Technologies with a Buy rating and $43 price target. Dell is a market leader in the x86 servers and storage market, and a provider of PCs and related peripherals and services, the analyst tells investors in a research note. The analyst recognizes that Dell’s business is highly cyclical, but believe the stock’s valuation is attractive given its long-term target of at least 100% free cash flow to net income conversion to fund shareholder capital returns.