Barclays raised the firm’s price target on Dell Technologies to $98 from $94 and keeps an Underweight rating on the shares. The firm increased estimates on better artificial intelligence servers, saying Dell’s wins have exceeded expectations. However, because gross margin is so low, it sees more limited impact on earnings, and believes over time that the lack of meaningful earnings and cash flow upside will cause Dell’s multiple to revert back toward historical ranges in the high-single-digits.
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