Dell rose nearly 4 percent on Wednesday after Craig-Hallum analyst Christian Schwab raised upgraded the stock from buy to neutral and raised his new price target for the computer maker to $19, nearly double the firm’s closing price of $9.83 yesterday.

Rarely do investors get a chance to buy MegaCap, MegaRevenue, MegaBrand tech companies that have the potential to nearly double, but that's exactly what we believe Dell could offer investors over the next year, he wrote in a note to clients, according to Barron’s

Schwab said, that Dell can still gets its groove back despite economic downturn. He expects meaningful P/E expansion as investors look for liquid, inexpensive, financially powerful companies.

He also expects that the stock could trade up to fifteen times his $1.26 earnings per share estimate for 2011. And If Schwab is wrong, downside is limited given the company's continual profitability, significant free cash flow generation and current low valuation, he said.

Dell shares rose 37 cents to 3.76 percent at $10.20.