Dell rises as analysts hike PT on strong growth forecasts

Dell Technologies' DELL.N shares rise 8% to $162.67 as multiple analysts hike their price target after the company nearly doubled its annual profit growth target

DELL is the biggest gainer on the benchmark S&P 500 .SPX. It is on course for highest close since May 2024 and biggest daily pct. gain since early April this year

DELL, whose customers include Elon Musk's AI startup xAI and CoreWeave, on Tuesday lifted its expectations for annual growth in adjusted earnings per share to at least 15% from around 8%

DELL also expects compounded annual revenue growth between 7% and 9% for the next four years, up from its prior view of 3% to 4%

Multiple analysts including from JPMorgan, Barclays, Wells Fargo and Citigroup raised their PT on DELL following the report

Among 25 analysts that cover DELL, avg. rating is "buy" and median PT is $154 - LSEG-compiled data

DELL is up 40.7% YTD vs NASDAQ Composite Index's .IXIC 18.8% increase