Credit Suisse First Boston
to buy from hold today, just days after
Salomon Smith Barney
lowered their forecasts for the personal computer maker.
CSFB set its near-term price target at $32. While economic uncertainties could still pressure the company's near-term earnings performance, "secular industry trends now favor Dell's business model, increasing our confidence in Dell's ability to hit numbers, the firm said.
Shares of Dell gained $1.69, or 7%, to $25.94 in recent
Earlier this week Morgan Stanley lowered its 2001 projections for the company to 86 cents a share, down from $1.07. Salomon cut its fourth-quarter and fiscal 2002 earnings and revenue expectations on Wednesday. Salomon cut fourth-quarter earnings projections to 23 cents a share from 26 cents.
Twenty-three analysts polled by
First Call/Thomson Financial
are calling for Dell to earn 25 cents a share for the fourth quarter and 91 cents for fiscal 2001.