Analysts at Deutsche Bank provided their outlook on Dell Technologies Inc. (NYSE:DELL) ahead of the upcoming Q4 earnings announcement, noting they still see risks to their Q4 estimates as third-party data suggests the company's PC shipments declined more severely than expected.

Looking forward, the analysts believe risks are to the downside for Q1 (vs. Street estimate of Q1 revenue decline of 16% year-over-year) and full year 2023/2024 (vs. DELL's previous outlook of down 10-11% year-over-year) given the company's workforce reduction announced on Feb 6, although cost savings associated with the restructuring and favorable FX could provide a partial offset.

The analysts noted that the company's current 2024 revenue outlook is already worse than its peers, but believe that is driven by the lack of a large backlog heading into the year, and think DELL is maintaining its market share on an order basis.