Dell: AI Boom Is Going Through The Roof (Upgrade)
Dell Technologies is finally upgraded to Buy as AI-driven demand propels an earnings explosion while taking the backlog to new highs. DELL's fundamentals are robust, with forward earnings per share surging to $28 as backlog nears $100 billion. The revenue conversion opportunity is highly remarkable. The company's pricing levers have been proven while still expecting to maintain high-single-digit free cash flow margins as it broadens its customer base beyond hyperscalers.