Dell shares start the week with a tumble
** Shares in Dell Technologies
DELL
were down 4.7% on Monday as investors digested news from the Consumer Electronics Show last week; Dell among the biggest decliners in the S&P 500 technology index
S5INFT
, down 1.9% on the day
** Dell on track for 4th straight day of declines, biggest one-day pct drop since Dec. 18, hit lowest level since Sept 11
** Stock last traded at $109.42 after falling as low as $106.69 , vs median PT of $154.17, as per LSEG which shows 25 ratings: 4 'strong buy,' 18 'buy' and 3 hold ratings
** In a post-CES note covering memory, semi and hardware companies, TD Cowen write analysts wrote that DELL expects better visibility re commercial PC refresh cycle in calendar Q2 but analysts say they cautious over the next 2 quarters on AI servers, that "expectations there are still high especially on both revenue and gross margin fronts"
** YTD shares down almost 5% after rising 50.6% in 2024, tech sector down 3.5% YTD after rising 35.7% last year