Dell Technologies Stock Rallied On Wednesday: What Happened?

Dell Technologies DELL shares experienced an uptick in trading activity on Wednesday following an upward price target revision from BofA Securities.

What’s Going On: BofA Securities analyst Wamsi Mohan reaffirmed a Buy rating for Dell Technologies while lifting the price target from $130 to $180.

Over the past month, eight analysts have adjusted price targets on Dell. The average 12-month price target for Dell Technologies stands at $140.62. The high target sits at $185, while the low target is $94. Among analysts covering Dell, 14 hold positive ratings and two have negative ratings.

While the average stock market return is around 10% per year, Dell Technologies has already surged approximately 134% year-to-date. Dell’s recent outperformance sets it up for lofty expectations heading into earnings this week.

Dell Technologies is set to release its fiscal first-quarter earnings after the market close on Thursday. Analysts are looking for EPS of $1.26 and quarterly revenue of $21.667 billion, according to estimates from Benzinga Pro.

A conference call to discuss the quarterly results and provide insights into the company’s performance moving forward will take place at 4:30 p.m. ET on Thursday.

DELL Price Action: Dell Technologies shares closed Wednesday up 8% at $179.36, according to Benzinga Pro.

See Also: CrowdStrike To Rally Over 15%? Here Are 10 Top Analyst Forecasts For Wednesday

Image: Courtesy of Dell Technologies.