Dell Technologies (NYSE:DELL) 2025 Conference December 02, 2025 01:35 PM ET Company ParticipantsJeff Clarke - Vice Chairman and COOConference Call ParticipantsDavid Vogt - AnalystDavid VogtRight, I think we're live. So thanks for everyone joining. Welcome back to the UBS Tech Conference. I'm David Vogt. I'm one of the Tech Analysts here at UBS, and we're excited to have with us today Dell Technologies, Jeff Clarke, Vice Chairman, Chief Operating Officer. Before we get into the hard-hitting questions, I need ...

Group 1 - Dell Technologies is initiated with a Strong Buy rating and a price target of $135, recognized as a global leader in IT infrastructure, commercial PCs, and cloud solutions [1] - The investment conviction is based on two compounding catalysts that are expected to drive growth [1] - Moretus Research emphasizes a structured, repeatable framework to identify companies with durable business models and mispriced cash flow potential, focusing on U.S. public markets [1] Group 2 - Moretus Research combines rigorous fundamental analysis with a judgment-driven process, avoiding noise and overly complex forecasting [1] - Valuation methods are based on sector-relevant multiples tailored to each company's business model and capital structure, emphasizing comparability and relevance [1] - The research coverage tends to favor underappreciated companies undergoing structural change or temporary dislocation, aiming for asymmetric returns through dispassionate analysis [1]