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CSFB Keeps Buy on Dell

Dell (DELL) reported $0.17 Q1 EPS. The company sees year-over-year growth for Q2 revenues and EPS. CS First Boston reiterated its buy rating on the shares.

Analyst Michael Walker tells Standard & Poor's MarketScope that Dell's Q1 EPS was $0.01 above his expectations on $8.1 billion in revenues. He says the company expressed a confident outlook in its conference call and raised its Q2 estimates to $0.18 EPS on $8.2 billion in revenues. Walker says that while the upward guidance revision was slight it's the first such revision in two years among hardware companies covered by CSFB. The analyst raised his $0.78 fiscal 2003 (ending January) EPS estimate to $0.80, and keeps his $1.00 fiscal 2004 EPS estimate. With regard to his buy rating, Walker notes that Dell has outperformed the technology group and the overall market during the past 18 months. He considers Dell a "must-own" for any growth portfolio.

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