Dell Technologies price target raised to $100 from $89 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Dell Technologies to $100 from $89 and keeps an Overweight rating on the shares. The firm sees a “mixed earnings setup,” as it sees downside risk to April-end quarter Street estimates, but upside to FY25 EPS and free cash flow forecasts. The AI server backlog is a wildcard given order/supply lumpiness, which creates “a tricky earnings setup,” but the firm would “buy the dip” as it highlights “lots to still like” about the Dell story in 2024.