After a Nearly 200% Run Since February, GF Securities Downgraded Dell Shares. Don't Count DELL Stock Out Just Yet.

After a nearly 200% run since February, GF Securities downgraded Dell Technologies shares, adding fresh doubt to a rally fueled by AI-server momentum. Dell had been among the biggest winners after late-February fiscal fourth-quarter results, with the stock jumping more than 200% and reaching nearly 240% year-to-date, alongside 52-week gains above 260%. However, on June 25, the GF Securities downgrade pushed shares down more than 9%, making Dell one of the S&P 500’s largest decliners that day. The company’s latest reported strength includes Q1 fiscal 2027 revenue of $43.8 billion (+88% year-over-year) and infrastructure revenue rising 181% to $29.0 billion, led by AI servers up 757% to $16.1 billion. Dell trades at a forward P/E of 24.33x versus the sector’s 23.72x, while projecting full-year revenue of about $167 billion and AI-server revenue of $60 billion.