“On March 29, Dell filed a proxy statement outlining a case for shareholders to vote for the consortium of Silver Lake, Michael Dell and MSDC Management,” Credit Suisse writes via Barron’s.
“In Dell’s 14A filing, the company acknowledged the rapidly evolving PC market regarding a weaker Microsoft (MSFT) Windows 8 and PC demand cycle, longer replacement, margin pressures and enterprise weakness given IT uncertainty,” Credit Suisse writes. “We continue to believe that Apple (AAPL) is a beneficiary in the shift to mobile computing highlighted in Dell’s filing. In a multidevice world, we see Apple as materially advantaged compared to peers as the company simultaneously addresses the PC, tablet and smartphone markets. With strength of iPhone/iPad sales, we see calendar 2013 and 2014 earnings per share of $46.23 and $56.37. We reiterate our $600 price target with the stock remaining our top pick for the next 12 months. Apple trades on 8.0 times our calendar 2014 EPS, which is inexpensive given the 11% growth we expect over calendar 2012-2014 and net cash per share of $145.”
Read more in the full article here.
Michael Dell could lose Dell Inc. CEO job in rival buyout bid – March 25, 2013
Blackstone said to mull outbidding Michael Dell, Silver Lake for Dell leveraged buyout – March 18, 2013
Decaying Windows PC ecosystem forces Microsoft to loan beleaguered Dell $2 billion – February 6, 2013
Andrew Bary: Michael Dell is trying to steal his company from public shareholders – February 5, 2013
Dell gives the money back to the shareholders, goes private in $24.4 billion deal – February 5, 2013
Michael Dell bristles when his beleaguered PC company is compared with mighty Apple Inc. – February 4, 2013
Apple now worth 38 times Dell’s market value – October 3, 2012