Dell Technologies price target lowered to $60 from $72 at Bernstein

Bernstein analyst Toni Sacconaghi lowered the firm’s price target on Dell Technologies to $60 from $72 and keeps an Outperform rating on the shares. The analyst sees IT hardware as a "structurally challenged sector," with trading stocks rather than core long term holdings. Citing continued macro uncertainty into 2023, Sacconaghi encourages investors to begin the year by looking for names with "attractive valuations, good earnings visibility and a track record of strong execution." He recommends a modest overweight in IT hardware. Dell’s valuation is "compelling" and fiscal 2024 estimates have been appropriately reset, Sacconaghi tells investors in a research note.