Evercore Upgrades Dell, Calls FY23 Outlook Conservative

Evercore ISI analyst Amit Daryanani upgraded the rating on Dell Technologies Inc DELL to Outperform from In-Line due to several factors, including what he called the company's "very conservative" for its 2023 fiscal year outlook.
Daryanani believes Dell will surpass its Q1 FY22 forecasts due to "share gains across [Dell's] PC and infrastructure segments," as well as a recovery in the high-end storage market.
Daryanani said a key factor on Dell is how the high-end storage market reacts to International Business Machines Corp's IBM next cycle of new mainframe computers.
Additionally, Daryanani set a price target of $60 a share on Dell's stock (21.4% upside).
Price Action: DELL shares traded higher by 2.47% at $50.55 on the last check Tuesday.