Major Bank Ratings | Citi: Dell's Q1 earnings far exceed expectations, maintaining "Buy" rating with a target price of $290

格隆汇2026/05/29 08:43

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Golden Ten Data May 29｜Citi released a research report stating that Dell Technologies' first quarter results significantly exceeded expectations, with revenue up 88% year-on-year to $43.8 billion, far surpassing the guidance range of $34.7 billion to $35.7 billion, and also beating the market expectation of $35.7 billion. The gross margin was 18.1%, higher than the market forecast of 17.4%; operating profit margin was 9.7%, above the market forecast of 7.7%; earnings per share were $4.86, higher than the previous guidance range of $2.8 to $3, and also above the market expectation of $2.96. For the second quarter, Dell guides revenue in the range of $44 billion to $45 billion, with a midpoint of $44.5 billion, higher than the market estimate of $35.08 billion; the midpoint of EPS is $4.8. As for the fiscal year guidance, Dell expects sales of $165 billion to $169 billion, with EPS projected at $17.9, above the previous guidance of $12.9; AI server revenue is expected to reach about $60 billion, implying a year-on-year increase of 144%. The bank sets a target price for Dell of $290 and maintains a “Buy” rating.

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