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[Ulisses Pereira]

"What to Do With Dell"

By Jim Cramer
RealMoney.com Columnist
2/1/2007 7:30 AM EST

"While everyone's puzzling over the right price for Google (GOOG - commentary - Cramer's Take - Rating) -- and believe me, that's the puzzle, not that growth has "slowed" or that revenue was "disappointing" -- the more intriguing question is what to do with Dell (DELL - commentary - Cramer's Take - Rating).

I was suspicious about Hewlett-Packard (HPQ - commentary - Cramer's Take - Rating) when Carly Fiorina was sacked for Mark Hurd. How much could Hurd really do for Hewlett-Packard? How special was he really at NCR? Is there more to it than a printing company and a PC company?

I attributed the initial jump to "the company's worth more without Fiorina" than anything Hurd could do right.

But Hurd got in and made it a much better, leaner company rather quickly.

Unfortunately, Dell cut numbers pretty badly and you got some upgrades based on his return. And I don't think that Dell has anything proprietary any more.

That said, if so many brokers hadn't upgraded the darned stock, I would be very tempted to buy some. The lesson of Hurd makes the risk/reward -- probably no more than 2 down but maybe 10 up -- too compelling.

I have been unremittingly negative on Dell for so long that it is almost as if I had forgotten it was ever a good company. I have been calling for Rollins' head for a year now.

Now that he's gone, you simply can't hate this stock as much as before. Look for Dell to trade up nicely in the next six months. This stock's spotting you 2 points on the strength of Rollins' departure.

Another 8 seems likely when Michael works his magic.

Not bad for a change at the top. Not bad at all.

At the time of publication, Cramer was long Hewlett-Packard. "

(in www.realmoney.com)