S&P rule change a ‘considerable positive’ for Dell, says Evercore ISI

Evercore ISI analyst Amit Daryanani raised the firm’s price target on Dell Technologies to $50 from $46 and keeps an Outperform rating on the shares. The firm thinks Dell’s FY24 guidance "looks relatively conservative vs. peers and data providers" and also said that management’s tone in a recent meeting "seemed to display measured optimism." The firm also notes that S&P Dow Jones Indices has amended its index eligibility criteria such that companies with multiple share class structures can now be considered for inclusion in the S&P 1500 and component indices such as the S&P 500, calling this news "a considerable positive for Dell," which had previously been excluded from the S&P 500 due to its share class structure.