TradingKey – Dell (DELL) fell more than 12% in intraday trading on October 14, touching a low of $502.3 to hit a near one-month low after Barclays downgraded the stock to “Hold.”

Barclays stated that Dell Technologies’ valuation has run up excessively, and a material inflection point in enterprise AI has yet to be seen.

Analyst Tim Long noted that the seven enterprise-related stocks in his coverage universe have gained an average of about 140% this year, compared with a 14% rise in the S&P 500 index over the same period. Currently, this basket of stocks trades at a P/E ratio of about 21 times expected 2027 earnings, well above its five-year average of about 15 times.

Long believes the AI server business is already a successful venture for…