UPDATE: JP Morgan Upgrades Dell To Overweight

JP Morgan raises its rating on Dell DELL to Overweight from Underweight and increases its price target to $21, up from $17.50, as it sheds its long-held cautious view on the stock. JP Morgan says, "A big thrust to our call is that we believe that Dell is almost there, in terms of completing its revenue pruning. In our view, the positive inflection point could occur in the next 3-6 months, setting the stage for the revenue growth trend-line to point back to 4-5%. When layering in our assumption that gross margin improvements stick, we believe Dell's long-term earnings growth could approach 10%. These factors and others stand to favorably lift Dell's valuation multiples, which the model can grow into." DELL closed at $17.40 a share on Wednesday.