CITIC Securities maintains a "buy" rating on Dell with a target price of $160.

CICC Securities maintains a buy rating on Dell, with a target price of $160. The company's full-year performance guidance has been raised due to strong AI server orders, traditional server upgrades, and PC replacement cycles. The storage business has surpassed cost recovery expectations, and Non-GAAP net profit is expected to grow steadily. Based on comparable company valuations, a 16x PE ratio is given for FY2026, raising the target price to $160.