Dell Technologies shares rise after Daiwa analysts upgrade outlook By Investing.com

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Dell Technologies shares rise after Daiwa analysts upgrade outlook

Published Sep 19, 2023 07:06

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Investing.com -- Shares in Dell Technologies (NYSE:DELL) moved higher in premarket U.S. trading on Tuesday after analysts at Daiwa Capital Markets improved their rating of the personal computer maker to outperform from neutral.

Last month, the Texas-based group increased its annual financial forecasts, citing stabilizing demand for computer hardware following a multi-month slump. Customers had previously raced to snap up desktops and laptops during a crush of at-home working during the pandemic, but an uncertain post-crisis economy had contributed to a build-up of inventory.

In a note to clients, the Daiwa analysts said that this slowdown now seems to be abating thanks in part to signs of life in "macro tech demand." Meanwhile, the analysts noted that artificial intelligence sales are "ramping," further bolstering "long term growth potentials."

Dell Chief Operating Officer Jeff Clarke has said that the firm is already seeing a "long-term tailwind" from AI. The business is expected to benefit in particular from an uptick in sales of its AI-optimized servers as more companies invest in developing the nascent technology, Reuters has reported.

Dell, which also posted better-than-anticipated second-quarter sales and earnings per share, has highlighted that these servers now account for 20% of AI orders in revenue.

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