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Analysts raised their price targets on Dell Technologies Inc (NYSE: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 (NYSE:PSTG) nor Dell grew storage backlog due to supply challenges.
- This storage dynamic makes her more bullish on NetApp Inc (NASDAQ:NTAP) earnings on November 30.
- Price Action: DELL shares traded higher by 5.05% at $57.43 on the last check Wednesday.
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