Evercore ISI analyst Amit Daryanani downgraded Dell Technologies Inc. to In-Line from Outperform with an unchanged price target of $63, implying a 13.1 percent upside.
Following the 60 percent appreciation year-to-date, he sees incremental upside being “more muted” amid a moderating PC market, Daryanani said.
While Daryanani expects 2022 to be a year of sustained tailwinds, “not all boats will rise equally this time around,” the analyst said.
The analyst added that he anticipates an uptick in on-premise and hybrid spending in 2022, notably across networking and storage, but expects PCs to moderate.
Dell recently lost its position on JPMorgan Analyst Focus List.
By Anusuya Lahiri
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