Wells Fargo analyst Aaron Rakers raised the firm’s price target on Dell Technologies (DELL) to $160 from $140 and keeps an Overweight rating on the shares. The firm is expecting Dell to report positive Q3 results. Wells sees ISG operating margin upside with results/commentary pointing to Nvidia (NVDA) Blackwell-driven AI server backlog expansion; a continued recovery/refresh cycle in traditional server demand; historical positive second half of the year/late-current year storage seasonality plus Dell’s ongoing increasing mix of Dell-IP storage; reiterated view on improving PC growth into 2025; and strong Dell capital return story poised to continue with sustained $5B-plus per annum free cash flow, investment grade debt rating, and excess cash.
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