Dell falls as Morgan Stanley downgrades to 'underweight'

Helmerich & Payne

17/11/2025 17:25

** Shares of cloud and client computing firm Dell Technologies DELL.N fall 6.6% to $124.95

** Morgan Stanley double downgrades rating to "underweight" from "overweight"; cuts PT to $110 from $144

** Brokerage says DELL is among the hardest hit by rising memory chips costs in the original equipment manufacturers' (OEMs) coverage

** Brokerage says Dell and HP HPQ.N are "most vulnerable" given high dynamic random access memory exposure and thinner margins

** HP shares down 4.0% at $23.55

** Brokerage reduces Dell's FY27 gross/operating margins by ~150 basis points to ~220 basis points and EPS by ~12% due to challenges from rising costs of memory chips

** Up to last close, Dell had risen ~16% and HP had fallen 25% this year

 (Reporting by Arnav Mishra in Bengaluru)

 ((Arnav.Mishra@thomsonreuters.com;))