Dell Technologies price target raised to $76 from $70 at BofA

BofA raised the firm’s price target on Dell Technologies to $76 from $70 and keeps a Buy rating on the shares after having attended Dell’s Security Analyst Meeting, where the company committed to returning over 80% of annual free cash flow to shareholders, which is higher than the firm’s expected 70%-80% and the prior 40%-60%. Dell’s long-term revenue growth target was maintained at 3%-4% CAGR while its EPS growth target was raised to 8%-plus CAGR from a prior 6%-plus, notes the analyst, who sees these targets as “conservative and beatable.”