Barclays downgrades Dell, HPE and NetApp on valuation and AI concerns
+2 new sources since this summary was written
On October 14, 2026, Barclays cut Dell Technologies, Hewlett Packard Enterprise and NetApp to Equal Weight from Overweight. The bank reduced its Dell target to $574 from $603 and its HPE target to $77 from $83, while leaving NetApp's target at $219. Barclays analyst Tim Long cited stretched valuations, memory-price normalization and limited evidence of stronger enterprise AI demand.
Why it matters
The changes lower Barclays' assessed upside for Dell and HPE and signal greater risk for enterprise hardware companies whose recent revenue gains benefited from higher memory prices. Barclays' view is that slowing enterprise spending and an absence of a clear AI demand acceleration could constrain future performance.
Key facts
- 1Barclays moved Dell Technologies, Hewlett Packard Enterprise and NetApp to Equal Weight from Overweight. invezz.com
- 2Barclays lowered Dell's price target to $574 from $603 and HPE's target to $77 from $83. invezz.com
- 3Barclays maintained its NetApp price target at $219. invezz.com
- 4Barclays analyst Tim Long said higher memory costs had supported revenue growth and questioned whether that effect would persist as prices normalize. invezz.com
Summary written by AlphAI AI Desk from 20 of 38 sources. Not investment advice. Figures are as stated by the linked sources.