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Update: Morgan Stanley Upgrades Dell to Equalweight From Underweight on Better Execution Amid Supply Scarcity, Raise Price Target to $448 From $170

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(Updates with the analyst's commentary.)

Morgan Stanley upgraded Dell Technologies (DELL) to equalweight from underweight, as the the company is ''managing supply and executing better than peers'' during the ongoing semiconductor supply chain shortfall.

"Dell is executing across nearly all business lines, taking share of a growing AI spend pie, gaining share in traditional enterprise markets, and leveraging pricing power in ways that peers aren't, including, we believe, winning general purpose server orders from Tier 2 CSP's," Morgan Stanley wrote in a Monday note.

Morgan Stanley also increased Dell's price target to $440 from $170.

The technology company has an average rating of overweight and mean price target of $464.47, according to analysts polled by FactSet.

Price: $452.00, Change: $+31.09, Percent Change: +7.39%

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