Barclays 在 Dell 股价大幅上涨后下调其评级

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Barclays downgrades Dell stock after sharp rally

AuthorSam Boughedda

Stock Markets

Published Oct 14, 2026, 09:36 AM

Barclays downgrades Dell stock after sharp rally

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Barclays downgrades Dell stock after sharp rally

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Image 3: © Reuters.

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DELL-7.82%

Barclays downgraded Dell Technologies, Hewlett Packard Enterprise and NetApp to Equal Weight from Overweight in a note on Wednesday, saying valuations have run too far and it sees no meaningful enterprise AI inflection yet.

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Analyst Tim Long said the seven enterprise-exposed stocks in his coverage are up an average of about 140% this year, against a 14% gain for the S&P 500. The group now trades at about 21 times estimated 2027 earnings, well above its five-year average of around 15 times.

Dell shares have climbed well over 300% this year. Long said much of that reflects how well the company has offset memory cost inflation by raising prices, with guidance calling for just over 100% revenue growth in enterprise servers and mid-teens growth in storage and consumer devices.

“As a result, we expect a meaningful deceleration in growth over the next two years and memory price normalize and potentially decline,” he wrote.

The analyst said AI servers have been a successful business for Dell, with operating margins stabilizing at about 5%. His model has AI server revenue tripling to $75 billion this fiscal year, and he would not be surprised to see upside to his $100 billion estimate for fiscal 2028, though growth should decelerate.

Dell has also cut operating expenses as a share of revenue from 15.6% in fiscal 2024 to an estimated 8% in fiscal 2027.

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Long still sees upside to earnings estimates, but that “the scale of the beats should become much smaller,” which may limit further gains. Barclays cut its Dell target to $574 from $603.

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Barclays downgrades Dell stock after sharp rally

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