Wall Street sets Dell stock price for next 12 months
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In a major show of confidence, personal computer manufacturer Dell (NYSE: DELL) is anticipated to see its stock benefit after its inclusion in the S&P 500 index. Although DELL is trading in tandem with the general stock market patterns, its addition to the benchmark index could offer more exposure, particularly to institutional investors, and add more credibility to the equity—factors central to triggering a possible price appreciation. Notably, Dell, which earned its incorporation alongside software giant Palantir (NYSE: PLTR), has seen its stock correct in the short term, plunging almost 5% in the last week. As of press time, DELL was trading at $106, reflecting 24-hour gains of over 4%. DELL one-week stock price chart. Source: Finbold The renewed investors’ interest in the stock was visible in DELL’s pre-market trading on September 9, when the share price was up over 5% to $107. Notably, the stock claimed the level at market opening. DELL stock pre-market trading. Source: Nasdaq DELL’s key fundamentals Dell continues to be influenced by key fundamentals, especially its ability to tap into the artificial intelligence (AI) craze that has swept the technology world. This aspect was highlighted in the firm’s Q2 2024 results, which indicated that the tech firm’s venture into generative AI and machine learning algorithms contributed significantly to its revenue. The company reported $25 billion in revenue, reflecting a 9% increase year-over-year. Infrastructure Solutions Group’s (ISG) revenue reached $11.6 billion, marking a 38% YoY growth. At the same time, server and networking products registered a record annual growth of 80%. Although the AI scene is mainly dominated by big players such as semiconductor giant Nvidia (NASDAQ: NVDA), analysts maintain that Dell still has the potential to earn a notable stake in the sector. In this line, the company believes its AI server product pipeline is…
Filed under: News - @ September 9, 2024 2:21 pm