Barclays Downgrades HPE, Dell and NetApp to Equal Weight on Stretched Valuations
Barclays cut HPE, Dell and NetApp to Equal Weight, citing stretched valuations and no clear revenue lift yet from artificial intelligence.
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what happened
Barclays analyst Tim Long lowered his ratings on Hewlett Packard Enterprise (HPE), Dell Technologies and NetApp to Equal Weight from Overweight. He argued that valuations have climbed sharply and that the companies do not yet show a meaningful revenue boost from artificial intelligence. The HPE price target was cut to $77 from $83, the Dell target to $574 from $603, while the NetApp target stayed at $219.
According to Barron's, HPE fell 3.9% to $66.13 in premarket trading on Wednesday, Dell declined 2.5% to $557.60 and NetApp dropped 3.6% to $230.37. Stocktwits reported that retail sentiment on HPE and Dell moved into bearish territory over the past day, and NetApp followed.
why it matters
Barron's data shows the stocks have gained roughly 186% for HPE, 355% for Dell and 123% for NetApp so far this year, which fuels concern that much of the rally is already priced in. Stocktwits, citing Koyfin data, notes that average analyst targets sit slightly above current prices for HPE and Dell and below the price for NetApp. This is not a recommendation to act, but sector investors will watch for evidence of AI-driven revenue growth.
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sources
- HPE, DELL, NTAP Stocks Downgraded, Barclays Sees No ‘Meaningful AI Inflection’ — stocktwits.com, 14 October 2026 at 10:22 UTC
- HPE Stock and Dell Are Downgraded. No 'Meaningful AI Inflection Yet.' — Barrons.com — Newsmetry API, 14 October 2026 at 11:33 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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