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Dell Technologies Inc. (NYSE:DELL) shares are trading higher Friday following better-than-expected second-quarter results reported after Thursday's closing bell.
The Details:
Dell beat analyst expectations for the quarter on the top and bottom lines. Total revenue increased 9% year-over-year, led by 38% growth in Infrastructure Solutions Group revenue.
"Our AI momentum accelerated in Q2, and we've seen an increase in the number of enterprise customers buying AI solutions each quarter," said Jeff Clarke, vice chairman and COO of Dell.
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Reuters reported Dell is weighing the possible sale of cybersecurity company SecureWorks Corp. (NASDAQ:SCWX) in an effort to reduce debt. Dell is reportedly gauging takeover interest in SecureWorks, currently valued at $772 million.
B of A Securities maintained its Buy rating on Dell and raised its price target from $150 to $155 following the print.
According to data from Benzinga Pro, Dell shares have gained 44% this year and are trading below the stock’s 50-day moving average of $120.92.
When trying to assess whether or not Dell Technologies will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $145.42 on Dell Technologies. The Street high target is currently at $165 and the Street low target is $97. Of all the analysts covering Dell Technologies, 11 have positive ratings, one has a neutral rating and no one has negative ratings.
In the last month, 10 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Dell Technologies have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Dell Technologies is 48.07% up year-to-date. The average analyst price target suggests the stock could have further upside ahead.
For a broad overview of everything you need to know about Dell Technologies, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
DELL Price Action: According to Benzinga Pro, Dell Technologies shares are up 2% at $112.96 at the time of publication Friday.
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