UPDATE: Citi Resumes Dell (DELL) at Buy, Top Pick Choice, Adds to US Focus List
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Citi analyst Jim Suva resumes coverage on Dell (NYSE: DELL) with a Buy rating and a price target of $120.00.
The analyst comments "We are reinstating coverage of Dell shares following restriction associated with recently announced planned transaction for Dell to sell its Boomi (cloud-platform-as-a-service) division for $4b cash to Francisco Partners and TPG Capital, expected to close by end of 2021. We do not anticipate any regulatory challenges with the pending transaction. We see the following positive catalysts ahead for the company including May 5-6 virtual Dell Technologies World as well as earnings tentatively planned for May 27 and August 26 at which any of those events Dell couple potential give updates on the timing and IRS approval for the tax free spin of VMW and Form 10 filing in addition to robust PC demand."
Shares of Dell closed at $96.52 yesterday.
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