GF Securities downgrades Dell after nearly 200% run since February

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GF Securities downgraded Dell Technologies shares on June 25, sending the stock down over 9% and making it one of the S&P 500's biggest losers that day. The downgrade follows a nearly 200% rally since Dell's fiscal fourth-quarter earnings in late February 2026, with year-to-date gains nearing 240% and 52-week gains above 260%. Despite the downgrade, Dell's AI server business posted 757% year-over-year growth last quarter, and first-quarter fiscal 2027 revenue hit a record $43.8 billion, up 88% year-over-year. Analysts remain largely positive, with a consensus 'Moderate Buy' rating and an average price target of $487.18, implying about 22% upside from current levels. The company also recently secured a $9.7 billion, five-year deal with the U.S. Department of Defense.

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