Benzinga | Dec 14, 2021 09:28AM EST

Evercore ISI Downgrades Dell On 'More Muted' Upside

* Evercore ISI analyst Amit Daryanani downgraded Dell Technologies Inc (NYSE:DELL) to In-Line from Outperform with an unchanged price target of $63, implying a 13.1% upside.

* Following the 60% appreciation year-to-date, he sees incremental upside being "more muted" amid a moderating PC market, Daryanani said.

* While Daryanani expects 2022 to be a year of sustained tailwinds, "not all boats will rise equally this time around," the analyst said.

* The analyst added that he anticipates an uptick in on-premise and hybrid spending in 2022, notably across networking and storage, but expects PCs to moderate.

* Dell recently lost its position on JPMorgan Analyst Focus List.

* Price Action: DELL shares traded lower by 2.19% at $54.50 in premarket on the last check Tuesday.