- Morgan Stanley analyst Erik Woodring downgraded Dell Technologies Inc (NYSE:DELL) to Equal Weight from Overweight with a price target of $60, down from $66 (10.5% upside).
- The analyst noted that the 2022 outlook for data center infrastructure is strong, but cracks are occurring in the PC outlook.
- Woodring noted the valuation is likely to be capped by slowing PC growth in the near term.
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- Evercore ISI recently upgraded its rating on Dell.
- Evercore ISI saw Dell surpass its Q1 FY22 forecasts due to "share gains across [Dell's] PC and infrastructure segments" and a recovery in the high-end storage market.
- Dell's Q4 revenue of $28 billion beat the consensus of $27.44 billion. EPS of $1.72 missed the consensus of $1.95.
- Price Action: DELL shares closed lower by 1.3% at $54.32 on Wednesday.
