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富国银行力挺戴尔(DELL.US):美国政府减支担忧被夸大,股价有望再涨30%
智通财经网· 2025-06-10 07:31
Core Viewpoint - Wells Fargo has issued an "overweight" rating for Dell Technologies (DELL.US) with a target price of $150, representing a 30% upside from the current stock price, despite recent concerns regarding potential cost-cutting measures by the U.S. federal government [1][2] Group 1: Financial Performance and Projections - Dell's projected total revenue from federal contracts in 2024 is approximately $3.04 billion, with 56% from defense contracts and 44% from civilian contracts, reflecting a 15% year-over-year increase from $1.82 billion in 2022 [1] - For the fiscal year 2025, Dell's commercial revenue is estimated at $43.89 billion, with about 70% derived from the U.S., and approximately 10% of U.S. commercial revenue related to federal government contracts, indicating a risk exposure of around $3 billion in personal computer business related to the federal government [1] Group 2: Market Position and Strategic Outlook - Wells Fargo's positive outlook on Dell is based on the company's execution of deleveraging and its shift towards capital return initiatives, including share buybacks and dividends [2] - The bank also views Dell's ability to leverage its supply chain economies of scale favorably, highlighting the attractiveness of its long-term risk/reward profile due to its diverse investment portfolio and depth in hardware and software [2]