Shares of Dell Technologies Inc. ( DELL ) fell sharply by 11.46% in pre-market trading on Wednesday, as per Benzinga Pro. This significant decline was triggered by the company’s release of a revenue forecast that failed to meet market expectations.

On Tuesday, Dell announced its projection for fourth-quarter revenue, estimating it to be between $24 billion and $25 billion. This forecast was below the average analyst expectation of $25.57 billion by LSEG. The forecast for the upcoming quarter’s revenue and earnings did not meet Wall Street’s expectations, even though the company expressed optimism about AI sales growth.

Meanwhile, based on the ratings of 22 analysts compiled by Benzinga, the company has a consensus price target of $121.73. The three most recent analyst ratings by Evercore ISI Group, Wells Fargo, and Morgan Stanley on Nov. 20, Nov. 18, and Nov. 11, respectively estimated an average price target of $154.67, implying a 23.62% upside for Dell.

The company’s quarterly revenue was reported at $24.37 billion, which was below the consensus estimate of $24.65 billion, yet it showed an increase from $22.25 billion in the same period last year. The company exceeded earnings expectations for the third quarter, reporting $2.15 per share compared to the consensus estimate of $2.05.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.