Shares of computer maker Dell (Nasdaq: DELL) rallied today after investment bank Goldman Sachs upgraded the firm from to a buy rating from its previous neutral rating.

Dell traded 2.45 percent higher by mid-day trading, gaining 55 cents to hit $23.39 on the Nasdaq Stock market.

The brokerage said it saw a number of catalysts going into the next 12 to 18 months, with some near term gains likely.

Although we know we are early and that there will be inevitable backsteps, the history of turnarounds suggests that a good part of the stock rise comes in the first 12 months, analyst Laura Conigliaro said Monday in a note to clients.

The analyst expects buybacks which could come as early as April.

After that come the second and third catalysts, which are actually broad categories encompassing multiple actions, specifically the longer process of multiple measures to reduce expenses or expense ratios combined with a series of other steps to improve revenue growth, she said.