Dell Technologies price target raised to $70 from $60 at Bernstein

Bernstein analyst Toni Sacconaghi raised the firm’s price target on Dell Technologies to $70 from $60 and keeps an Outperform rating on the shares. The company’s fiscal Q2 results were “very strong,” reflecting conservative guidance and an improving business trajectory in the quarter, the analyst tells investors in a research note. The firm says while Dell pointed to a backlog for artificial intelligence servers of $2B, it cautions investors “about getting overzealous.” Dell and other server makers withdrew from the hyperscale business several years ago, citing an inability to make money, “which we worry could be the case with AI servers,” contends Bernstein.