巴克莱将戴尔、慧与、NetApp三档企业IT硬件股从超配下调至中性，盘前齐跌

Shares of Dell ( DELL ), Hewlett Packard Enterprise ( HPE ) and NetApp ( NTAP ) declined during pre-market trading on Wednesday after Barclays downgraded all three stocks to Equal Weight from Overweight. "We are taking a more cautious approach on the stocks in our coverage that are more aligned with Enterprise spending," said Barclay analyst Tim Long in a Wednesday investor report. "Valuations have run, commodity costs have helped revenues, and we don't see a meaningful AI inflection yet." Barclays reduced its price target on Dell to $574 from $603. "DELL has executed flawlessly across enterprise categories," Long noted. "Guidance calls for just over 100% revenue growth in enterprise servers, mid-teens in storage, and mid-teens in CSG for FY27. We believe the vast majority of this growth comes from higher ASPs to offset memory inflation. As a result, we expect a meaningful deceleration in growth over the next two years and memory price normalize and potentially decline." Meanwhile, Barclays lowered its target on HPE to $77 from $83. "The strength in networking has been broad-based," Long said. "The AI outlook has improved, and HPE/JNPR is well positioned in campus as well as in newer AI markets like scale up and scale across … While we like the networking exposure, we see the improved mix as reflected in the current valuation." Finally, Barclays maintained its target of $219 on NetApp. "We still view the Cloud business at NTAP as one of the best segments in our coverage," Long added. "Recall NTAP sells storage as a service on all three major hyperscaler storefronts. Revenues have been growing about 20%, GM has reached 85%, and the business is now 10% of total sales … While we are seeing some upside to the storage industry in 2H26 based on NAND pricing, we also expect a normalization next year."