Dell Technologies downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded Dell Technologies (DELL) to Neutral from Overweight with an unchanged price target of $47. The analyst expects Dell to benefit from the recovery in the PC end market, but says the the magnitude of the recovery should be larger in consumer segments rather than the commercial/enterprise segment to which the company is more indexed. The firm downgrades the shares to express HP Inc.’s (HPQ) "favorable positioning" for the rebound. The recovery in the second half of 2023 will be more favorable for HP than Dell, the analyst tells investors in a research note.