Evercore Upgrades Dell, Calls FY23 Outlook Conservative

• Evercore ISI analyst Amit Daryanani upgraded the rating on Dell Technologies Inc (NYSE:DELL) to Outperform from In-Line due to several factors, including what he called the company's "very conservative" for its 2023 fiscal year outlook.
• Daryanani believes Dell will surpass its Q1 FY22 forecasts due to "share gains across [Dell's] PC and infrastructure segments," as well as a recovery in the high-end storage market.
• Daryanani said a key factor on Dell is how the high-end storage market reacts to International Business Machines Corp's (NYSE:IBM) next cycle of new mainframe computers.
• Additionally, Daryanani set a price target of $60 a share on Dell's stock (21.4% upside).
• Price Action: DELL shares traded higher by 2.47% at $50.55 on the last check Tuesday.