Dell Technologies Inc. (NYSE: DELL) stock rose 0.037% (As on Dec 15, 11:20:41 AM UTC-4, Source: Google Finance) though the Evercore ISI analyst Amit Daryanani downgraded it to In Line from Outperform and has a $63 price target, implying a 13.1% upside. After the 60% appreciation year-to-date, he sees incremental upside being “more muted” amid a moderating PC market, Daryanani said. While Daryanani expects 2022 to be a year of sustained tailwinds, “not all boats will rise equally this time around,” the analyst said. The analyst added that he anticipates an uptick in on-premise and hybrid spending in 2022, notably across networking and storage, but expects PCs to moderate.

On the other hand, the company has recently announced the pricing of the previously announced private offering by two of its wholly-owned subsidiaries, Dell International L.L.C. and EMC Corporation, as co-issuers (the “co-issuers”), of $1,000,000,000 aggregate principal amount of 3.375% Senior Notes due 2041 (the “2041 Notes”) and $1,250,000,000 aggregate principal amount of 3.450% Senior Notes due 2051 (the “2051 Notes” and together with the 2041 Notes, the “Notes”). The 2041 Notes will mature on December 15, 2041 while the 2051 Notes will mature on December 15, 2051. The Notes will be guaranteed on a joint and several basis by the Company, Denali Intermediate Inc. and Dell Inc. The offering was expected to close on December 13, 2021, subject to customary closing conditions. The net proceeds from the offering of the Notes are intended to be used to fund the repurchase of certain existing notes of its subsidiaries pursuant to certain tender offers being conducted by Dell Inc., a wholly-owned subsidiary of the Company.

Meanwhile, Dell Technologies has ended the quarter with remaining performance obligations of $47 billion, up 26%, deferred revenue of $31 billion, and cash and investments of $24.2 billion. The company has paid down a total of $15.9 billion of debt year-to-date and received an Investment Grade corporate family rating from all three of the major credit rating agencies. The company generated record revenue of $28.4 billion, up 21%, driven by growth in all business units, customer segments and geographies, as well as broad strength across commercial PCs, servers and storage. Non-GAAP operating income was a third quarter record of $2.9 billion, up 5%. The company delivered non-GAAP net income of $2.0 billion and adjusted EBITDA was $3.4 billion. Net cash from operating activities was $3.3 billion.