Analysts Tick Up Dell Price Target Post Q3 Beat

Analysts raised their price targets on Dell Technologies Inc DELL post Q3 beat.

• BofA analyst Wamsi Mohan raised the price target to $68 from $66, implying an 18% upside.
• The move follows the Q3 revenue and EPS beat and management's expectations of PC demand to sustain into next year. 
• Mohan reiterates a Buy rating on Dell shares on expected share gains in PC, server, and storage.
• Morgan Stanley analyst Katy Huberty raised the price target to $68 from $67 and reiterated an Overweight after the company "once again" gained share in commercial PCs and gave a stronger than expected Q4 outlook. 
• She has raised her Q4 and FY23 EPS forecasts to reflect improving profitability and incremental debt paydown, noting that storage appears less impacted by constraints than other categories. 
• Neither Pure Storage Inc PSTG nor Dell grew storage backlog due to supply challenges. 
• This storage dynamic makes her more bullish on NetApp Inc NTAP earnings on November 30.
• Price Action: DELL shares traded higher by 5.05% at $57.43 on the last check Wednesday.