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Dell Technologies Inc (NYSE:DELL) shares are trading higher Thursday following positive analyst coverage from JPMorgan.
What Happened: JPMorgan analyst Samik Chatterjee maintained Dell with an Overweight rating and raised the price target from $155 to $160 following the stock’s relative underperformance in recent months.
Dell shares are down more than 35% since reporting earnings at the end of May. AI stocks are down just 5% over the same time period and the S&P 500 is up about 4%, the JPMorgan analyst said.
Chatterjee noted that the recent decline in Dell stock is due to investor concerns that margin pressures could be indicative of rising competition disrupting the AI server market, as well as recent data from Super Micro Computer Inc (NASDAQ:SMCI).
The JPMorgan analyst added Dell to the firm’s Analyst Focus List (AFL) as it reevaluates its rank order for its coverage on Hardware and Networking companies.
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Dell shares may also be getting a lift after Citigroup analyst Asiya Merchant maintained Dell with a Buy rating on Thursday. Merchant lowered the price target from $170 to $155, but raised revenue estimates to reflect “a modestly improving top- line, driven by positive datapoints on recovering general-purpose-infrastructure coupled with improving GPU availability.”
Looking into 2025 and beyond, the Citigroup analyst expects margin pressures from rising component prices to be partially offset by moderating operating expenses. Merchant also expects to see improved margins from broadening enterprise AI and increased storage and services in 2026.
“Given recent share price retrenchment (-25%), we view current risk/reward as attractive. We maintain our Buy rating.” Merchant said.
Dell is due to report financial results for the second quarter after the market close on Aug. 29. The company is expected to report earnings of $1.68 per share on revenue of $24.139 billion, according to estimates from Benzinga Pro.
DELL Price Action: Dell shares were up 7.43% at $110.60 at the time of publication, according to Benzinga Pro.
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