Dell Technologies Inc (NYSE:DELL) shares are trading higher on Wednesday following a wave of analyst price target increases after the company provided an updated outlook at an analyst meeting.
What Happened: At least seven firms boosted their price targets on Dell, including Goldman Sachs, JP Morgan and UBS, all of which maintained positive ratings on the stock.
Goldman Sachs analyst Michael Ng raised the price target to $175 while maintaining a Buy rating. JP Morgan’s Samik Chatterjee increased its target to $165 with an Overweight rating, while UBS analyst David Vogt lifted its target to $186, also maintaining a Buy rating.
Here’s a look at other analyst changes rolling in on Wednesday:
- Mizuho: Raised target from $160 to $170 (Outperform)
- Bernstein: Increased target from $175 to $180 (Outperform)
- Wells Fargo: Boosted target from $160 to $180 (Overweight)
- Barclays: Lifted target from $133 to $151 (Equal-Weight)
The flurry of price target hikes come after Dell raised its long-term guidance this week during its securities analyst meeting. The company now expects annual revenue growth of 7% to 9%, versus prior expectation of 3% to 4%. Dell also said it expects annual adjusted earnings growth of 15% or better, up from prior guidance of 8% or better.
Dell also extended its dividend growth commitment to 10% or more annually through fiscal 2030.
Dell is due to report third-quarter earnings on Nov. 25. Analysts expect the company to report earnings of $2.46 per share and revenue of $27.1 billion, according to Benzinga Pro.
Dell has been on a roll lately, consistently outperforming expectations. In its August report, the company posted earnings of $2.32 per share, beating estimates of $2.20. Revenue was also strong at $29.78 billion, topping forecasts by 1.82%.
DELL Price Action: Dell Technologies shares were up 8.44% at $163.61 at the time of publication on Wednesday, according to Benzinga Pro.
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