As previously reported, KeyBanc initiated coverage of Dell Technologies (DELL) with a Sector Weight rating. KeyBanc believes Dell has “executed well and see a healthy revenue growth profile, operating efficiency, and ultimately a strong FCF/capital return profile,” but believes the growth in revenue is being driven by lower margin AI Servers, where it sees gross margin pressure continuing. The firm is also “more skeptical of the magnitude of a PC refresh cycle.” KeyBanc concluded that Dell is “fairly valued” at current levels.
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