Dell Stock Falls After Downgrade. AI Growth Is Already Priced In, Says UBS.

Dell Technologies has been one of the highest-flying stocks in the index this year, but it might be time to take some chips off the table, according to UBS. The investment bank downgraded Dell shares to Neutral from Buy in a research note over the weekend, although it lifted its price target to $243 from $167. Dell’s server business is in excellent shape, UBS argued, but demand from artificial-intelligence companies is already baked into the stock price.