Dell (NYSE:DELL) Surges 30% on Best Day Since Relisting
Market News

Dell (NYSE:DELL) Surges 30% on Best Day Since Relisting

Story Highlights

Dell is having the best day it’s seen since 2018.

Today was a special day for chip stock Dell (NYSE:DELL). It’s having the best day it’s seen since 2018, and that was the day it officially relisted on the New York Stock Exchange. Several reasons for these gains exist, though right now, the best reason for its nearly 30% gain in the closing minutes of Friday’s trading stems from its earnings report.

Before this incredible run-up, the best day Dell ever had was September 1, where it landed 21% extra in its share price after, once again, turning in a winning earnings report. But this time, Dell posted wins in revenue and adjusted earnings alike. While revenue was down somewhat—11% against the same quarter in 2022—Dell still managed to bring in impressive gains in net income. That figure was up 89% against the fourth quarter of 2022. A rise in demand for artificial intelligence components helped drive Dell’s results, along with its current chip business.

Morgan Stanley Increased Its Price Target

Not surprisingly, the analysts took a look at the current situation for Dell, and discovered things were a lot better than some might have thought. Morgan Stanley analysts, for example, revealed that AI “stole the show” for Dell, and not only hiked its price target from $100 per share to $128, but also maintained an Overweight rating. Just to top it off, Dell even landed a Top Pick designation from the firm.

In addition, reviews came in on the XPS 16 laptop line. Engadget found the laptop as beautiful as it was powerful, but noted several minor flaws that together made for some trouble. An invisible trackpad was bothersome, as was an overall lack of ports.

Is Dell Stock a Hold or Sell?

Turning to Wall Street, analysts have a Strong Buy consensus rating on DELL stock based on 12 Buys, one Hold, and one Sell assigned in the past three months, as indicated by the graphic below. After a 214.97% rally in its share price over the past year, the average DELL price target of $90.77 per share implies 26.86% downside risk.



Price Change
S&P 500
Dow Jones
Nasdaq 100

Popular Articles