戴尔AI 需求强劲，大宗商品通胀对 2027 财年影响更大

It was not quite the best of times, but also good enough given the headwinds. Reiterate Buy Dell reported a tale of two cities quarter in our view as: Despite the EPS beat and F4Q outlook that was better than feared, demand and margin uncertainty tied to the commodity (DRAM/NAND) cost backdrop in FY27 likely caps near-term sentiment. That said, we believe the mkt is overly punitive with the shares trading at ~11x our CY27 EPS est of $11.94 creating a compelling opportunity for investors with a longer-term o ...