Dell Technologies Inc.: Reinstating coverage with a BUY rating and $90 target

After trading as a public company for 25 years, Dell Inc. went private in October 2013; acquired EMC Corp. in fall 2016; and resumed trading as a public company under the DELL ticker on 12/28/18. In its current incarnation, Dell operates three businesses: Infrastructure Solutions Group (ISG), which provides enterprise server, storage, and network solutions; Client Solutions Group (CSG), which provides PCs and peripherals; and VMware, a pioneer in server virtualization that now enables hybrid cloud.