UBS downgrades Dell Technologies on valuation after rally

UBS last night downgraded Dell Technologies (DELL) to Neutral from Buy with a price target of $243, up from $167. The stock’s risk/reward going forward is more balanced following the 170% rally over the past 12 months, the analyst tells investors in a research note. The firm says expectations could be up to $17.00 in earnings per share for 2027, suggesting positive estimate revisions are likely already expected in the stock, the analyst tells investors in a research note. UBS cites valuation for the downgrade.