Deutsche Bank Maintains a 'Buy' on Dell (DELL); Revised Operating Profit Targets Still Appear Beatable

Deutsche Bank maintains a 'Buy' on Dell (NASDAQ: DELL) price target of $20.00.

Deutsche analyst says, "To reflect the beat and revised guidance we adjust our FY12 rev/EPS est’s to $62.7B/$2.00 (vs. prior $62.9B/$1.85) and FY13 to $65.2B/$2.10 (vs. prior $65.5B/$1.90). Our PT remains unchanged at $20 which assumes DELL trades at 6c CY12E EPS (x-cash) or 4x EV/EBITDA, which we view as appropriate given Dell’s growth and profit profile. With Win 7 spurring a PC upgrade cycle and improving enterprise demand, we view the risk/reward profile of Dell favorably. Key risks include significantly weaker PC demand and a mis-execution on restructuring."

For more ratings news on Dell click here and for the rating history of Dell click here.

Shares of Dell closed at $15.80 yesterday.

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