There's still plenty of room for additional bull notes
Morgan Stanley raised its price target on Dell Technologies Inc (NYSE:DELL) to $152 from $128. The analyst said the technology company is “gaining momentum” with enterprise clients. More bull notes could be in store for DELL, too, as the 12-month consensus target price of $127.82 is an 8.6% discount to current levels.
After surging to a record high of $143.74 right out of the gate, the equity is up 5% to trade at $140.87 at last check. Shares blasted through a ceiling a the $135 levels that contained rallies in April and earlier this month, with support now stemming from the 20-day moving average. DELL sports a 207.5% year-over-year lead, with 82.4% added so far in 2024.
Options traders are not missing their opportunity to chime in, with 17,000 calls and 7,459 puts traded so far today, which is four times the intraday average volume. Most popular is the June 110 put.
It's worth noting that Dell Technologies stock looks like a good target for premium buyers. The equity's
Schaeffer's Volatility Scorecard (SVS) ranks at an elevated 73 out of 100, meaning it has regularly made bigger moves than traders priced in in the last 12 months.