Dell rises after raising FY25 forecast on demand for its Nvidia-powered AI servers

Secureworks

30/08/2024 17:07

(Updates)
    ** Dell Technologies  DELL.N  rises 4.2% to $115.42 in day
trading; near a one-month high
    ** PC maker lifts annual earnings forecast on higher demand
for its Nvidia  NVDA.O -powered AI-optimized servers
    ** Raises annual revenue forecast for FY25 to $95.5 bln to
$98.5 bln, from $93.5 bln to $97.5 bln expected previously
    ** Q2 adj. profit, revenue beat ests.
    ** "AI-optimized server demand was $3.2 billion, up 23%
sequentially" - CFO Jeff Clarke
    ** At least three brokerages raise PT on stock, while five
cut 
        ** Reuters reports DELL exploring sale of cybersecurity
firm SecureWorks  SCWX.O 
    ** Avg. rating of analysts is "buy" or higher; their median
PT is $155 - LSEG data
    ** DELL up 51.56% YTD
    

 (Reporting by Nikhil Sharma in Bengaluru)
 ((Nikhil.Sharma@thomsonreuters.com;))