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Analyst resets Dell stock price target after earnings

Analyst resets Dell stock price target after earnings

Dell Technologies (DELL) shares rallied sharply after the computer and server maker topped Wall Street’s expectations and raised its full-year outlook.

Dell reported adjusted earnings of $7.04 per share, well above Wall Street’s $4.92 estimate. Revenue reached $46.97 billion, topping expectations of $44.92 billion and rising about 58% from a year earlier. Shares surged 15% on Sep. 2 and gained another 4.9% on Sep. 3.

The company also issued guidance well above Wall Street expectations. Dell expects fiscal third-quarter adjusted earnings of $6.50 per share on revenue of $49 billion. Analysts surveyed by LSEG had expected earnings of $4.49 per share on $41.42 billion in revenue, CNBC reported.

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