As previously reported, Susquehanna initiated coverage of Dell Technologies with a Neutral rating and $120 price target. Dell has the scale, brand, and internal financing arm to scale AI hardware for server applications, but the firm sees two risk factors that have led to its below-consensus EPS estimates. Namely, the economics of AI hardware remain uncertain and the strategy for scaling AI services remains unclear, says the analyst, whose FY26 and FY27 EPS estimates of $8.57 and $9.40 compare to consensus at $9.40 and $10.87, respectively.
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