- Evercore ISI analyst Amit Daryanani downgraded Dell Technologies Inc DELL to In-Line from Outperform with an unchanged price target of $63, implying a 13.1% upside.
- Following the 60% appreciation year-to-date, he sees incremental upside being "more muted" amid a moderating PC market, Daryanani said.
- While Daryanani expects 2022 to be a year of sustained tailwinds, "not all boats will rise equally this time around," the analyst said.
- The analyst added that he anticipates an uptick in on-premise and hybrid spending in 2022, notably across networking and storage, but expects PCs to moderate.
- Dell recently lost its position on JPMorgan Analyst Focus List.
- Price Action: DELL shares traded lower by 2.19% at $54.50 in premarket on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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