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First Albany Raises Dell Estimates

Dell (DELL) posted $0.17 Q1 EPS. The company sees year-over-year growth for Q2 revenues and EPS. First Albany raised its estimates on Dell, but keeps its neutral opinion.

Analyst Walter Winnitzki says Q1 results modestly beat the company's pre-announcement due to strong sales and excellent cost improvements. He says the highlight of Q1 was strong gains in market share in all areas. He notes the company said it's seen some stability in its U.S. business, but believes its growth and success stem from market share gains -- and do not signal any general pick-up in demand in the PC industry. Given the Q1 upside, and a healthy outlook for Dell's ability to gain market share, Winnitzki raised his $0.73 fiscal 2003 (ending January) EPS estimate to $0.77 and his $0.85 fiscal 2004 forecast to $0.90.

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