What happened
Repeating its encouraging performance from the day before, Dell Technologies (DELL 3.92%) stock had a fine Friday. The storied tech retailer's share price increased a robust 4% on the day, trouncing the 1.5% gain of the S&P 500, thanks to a set of price target raises from analysts.
So what
This development came one day after Dell delivered its latest quarterly earnings figures. Happily for investors, first-quarter revenue and -- especially -- non-GAAP (adjusted) net income convincingly beat the average prognosticator estimates.
While it was hardly surprising that analysts would make upward adjustments in their Dell evaluations following such performance, it seems the market wasn't ready for the stampede that occurred. All told, no less than nine pundits raised their price targets on the shares Friday.
These included some of the most influential names in the stock market. Goldman Sachs prognosticator Michael Ng, for instance, added $6 per share to his level to reach $49. Ng maintained his buy recommendation on the stock. His peer Sidney Ho at European lender Deutsche Bank was more or less in the same ballpark, as he boosted his price target to $48 from $45, and similarly kept his buy rating.
Now what
It's always encouraging when one of your stocks gets a lift from a revised analyst take. It's especially pleasing when there's a wave of such revisions, rather than just a single or a few. Caution should be taken here, though; Dell's headline results, while estimates-beating, were down significantly on a year-over-year basis. Revenue fell a worrying 20%, for example, while the company's adjusted net income shrank by 33%.
