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UBS Piper Keeps 'Outperform' on Dell


UBS Piper reiterates its outperform rating on Dell Computer (DELL).

Analyst Ashok Kumar says the upside was driven primarily by storage sales, with marginal contribution from servers. He notes the company's worldwide server share is about 23%, but says its primary success is in low-end rack dense configurations (a 65% mix). He says the revised third-quarter revenue of $9.1 billion is $220 million above Dell's prior guidance.

Kumar maintains his 7% sequential revenue growth estimate in January, but increased his absolute numbers from $9.5 billion to $9.7 billion. He also raised his $34.925 billion fiscal 2003 (Jan.) revenue estimate to $35.325 billion. Based on the earnings power of $1.00 for calendar 2003, Kumar thinks Dell is fairly valued in the $25-$30 range.


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