Barclays Lowers Dell Rating to Equal Weight, Shares Fall 11%
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Barclays has downgraded Dell Technologies and Hewlett Packard Enterprise to an Equal Weight rating, citing a lack of a clear turning point in corporate AI spending and noting that only about 5% of enterprise IT budgets are allocated to AI. The bank argues that Dell’s recent revenue growth is largely driven by a global memory shortage rather than increased AI procurement, and it warns that falling memory prices could suppress infrastructure revenue. Barclays has cut its price target for Dell to $574, a move that triggered an 11.27% drop in the company’s stock price. Analysts remain divided on the long‑term impact of AI on Dell’s business, but the current assessment suggests that AI adoption is still in its early stages and may not yet justify the recent valuation gains.
Written with AI from the reporting · updated 10/15/2026
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- 1Unclassified fact stationOct 14, 00:00recorded Oct 15, 15:31single source
Barclays 将 Dell 评级下调至 Equal Weight
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- Subject：
- Barclays
- Action：
- 下调评级
- Object：
- Dell Technologies
- Occurred (fact side)：
- Oct 14, 00:00
- Published (valid side)：
- Oct 15, 14:52
- First seen (known side)：
- Oct 15, 15:31
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- BeInCryptoRelated fact: single sourceBarclays Downgrades Dell and HPE to Equal Weight Citing Lack of Meaningful Enterprise AI Spending Turn
Report first recorded Oct 15, 15:31
Barclays cut Dell Technologies from Overweight to Equal Weight on October 14, alongside HPE and NetApp, because enterprise spending on AI has not reached a meaningful turning point. Barclays analyst Tim Long stated that strong enterprise revenues are more a function of global memory costs than a shift to enterprise AI, noting that businesses typically allocate only 5% of IT budgets to AI. The bank lowered Dell's price target to $574 from $603, and HPE's target to $77 from $83. Dell's third-quarter revenue guidance is $49 billion, an 81% year-over-year increase.
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