Reporting By Sin\u00e9ad Carew; editing by Lance Tupper<\/b><\/p>\n
Africa-Press – Eritrea. <\/strong><\/span>Shares in Dell Technologies Inc (DELL.N) rose 22.2% and hit a record high on Friday after it raised full-year financial forecasts with boosts from artificial intelligence (AI) and stabilizing demand for computer hardware after a months-long slump.<\/p>\n The stock last traded at $68.75 after hitting a peak of $70.28 while trading volume was 5.4 times its 10-day moving average. Dell, on track for its biggest ever daily percentage gain, is up more than 70% for the year-to-date.<\/p>\n “Results and guidance corroborated the improving order trends in the broader enterprise vertical” said JPMorgan analyst Samik Chatterjee, in a research note.<\/p>\n Dell added to evidence of this trend from CDW Group (CDW.O), Cisco Systems (CSCO.O) and Hewlett Packard Enterprises (HPE.N), according to the analyst.<\/p>\n Dell reported second quarter revenue and EPS above analyst estimates. Servers and networking revenue rose 11% from the first quarter to $4.27 billion, driven by higher demand for AI-optimized servers, Dell said.<\/p>\n While JPMorgan’s Chatterjee does not see AI as a primary driver the analyst wrote that “it is helping in the visibility of a recovery with Dell highlighting that 20% of AI orders (in revenues) were for AI-based servers.”<\/p>\n At least 10 analysts raised their target prices for Dell’s shares after the report with several including Credit Suisse and Evercore ISI citing its position to benefit from AI.<\/p>\n The median price target increased to $68 on Friday from $56 on Aug. 1, Refinitiv data showed.<\/p>\n Included in the more bullish views was Wells Fargo’s increase of the target to $75 from $65 and Citigroup’s increase to $70 from $60. JPMorgan raised its target to $68 from $61.<\/p>\n reuters<\/b><\/p>\n For More News And Analysis About Eritrea<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" Reporting By Sin\u00e9ad Carew; editing by Lance Tupper Africa-Press – Eritrea. Shares in Dell Technologies Inc (DELL.N) rose 22.2% and hit a record high on Friday after it raised full-year financial forecasts with boosts from artificial intelligence (AI) and stabilizing demand for computer hardware after a months-long slump. The stock last traded at $68.75 after […]<\/p>\n","protected":false},"author":84,"featured_media":21055,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,9],"tags":[242,243,233],"class_list":["post-21056","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-miscellaneous","tag-africa-press","tag-africa-press-eritrea","tag-eritrea"],"yoast_head":"\n