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

Citi raised the firm’s price target on Dell Technologies to $70 from $60 and keeps a Buy rating on the shares. Amid a better than expected demand environment, Dell reported strong Q2 results that demonstrate its leading positions in core markets and focus on more profitable segments, the analyst tells investors in a research note. The firm believes Dell remains favorably positioned given an improving commercial PC backdrop, signs of stabilization in server and storage demand, and potential for higher capital returns as free cash flow margins return to more normalized levels. Artificial intelligence generated demand represents potential for upside, though likely a 2024 event, adds Citi.