巴克莱下调戴尔评级至“持股观望”,警告内存涨价推高营收,未来两年增长或放缓

智通财经
Oct 19
【巴克莱下调戴尔评级至“持股观望”,警告内存涨价推高营收,未来两年增长或放缓】戴尔此前公布的2027财年第二季度营收同比增长58%至469.7亿美元,AI服务器收入翻倍至164亿美元,AI服务器在手订单达到创纪录的950亿美元,但巴克莱认为,强劲的短期业绩尚不足以消除对长期增长持续性及估值的担忧。巴克莱分析师Tim Long将戴尔科技评级由“增持”下调至“持股观望”,目标价由603美元降至574美元,主要担忧公司估值偏高、内存成本上涨及企业IT支出前景存在不确定性。巴克莱指出,尽管戴尔2027财年指引显示企业服务器业务收入预计增长超过100%,存储和客户端解决方案业务也有望实现十几个百分点的增长,但其中相当一部分增长来自内存涨价推高产品平均售价,而非实际需求扩张。该机构警告,随着未来内存价格趋于正常化甚至回落,戴尔未来两年营收增速可能明显放缓。

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