Dell Technologies downgraded to Underweight from Equal Weight at Barclays

Barclays downgraded Dell Technologies to Underweight from Equal Weight with an unchanged price target of $53. The analyst cites valuation for the downgrade following the stock’s recent run-up. The firm sees challenges in the PC and server/storage end markets on the macro environment, and does not think artificial intelligence will be enough to offset these pressures. Dell’s valuation has moved out of near- and long-term trading ranges, the analyst tells investors in a research note.