Citi raised the firm’s price target on Dell Technologies to $80 from $70 and keeps a Buy rating on the shares ahead of the October 5 capital markets day. The analyst has higher conviction in Dell’s artificial intelligence server backlog driving incremental revenues in fiscal 2025 “amidst a stabilizing enterprise infrastructure demand backdrop.” In addition, the company’s spending discipline which should drive lower than previously modeled opex growth, the analyst tells investors in a research note. The firm believes Dell’s upcoming analyst day should help assuage investor skepticism on the revenue growth opportunity from its AI order backlog.
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