Piper Sandler initiated coverage of Dell Technologies (DELL) with an Overweight rating and $172 price target Dell should be one of the “primary beneficiaries” of a “particularly strong” enterprise data center refresh for 2026 as well as AI infrastructure buildouts, the analyst tells investors. However, Dell will face the secular headwind in the shift towards cloud by enterprises, and a refresh is “a double-edged sword that could lead to market share losses persisting” and PC share has been falling, the analyst added. Still, the firm generally likes the setup and entry-point as it believes opportunities remain strong for Dell over the next 12 months, the analyst added.
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