Dell Technologies returned to the U.S. stock market on Friday and promptly received its first advocate as JPMorgan started research coverage on the stock with an overweight rating, calling it “a formidable leader in IT client solutions.”

The opinion is currently the only analyst rating on Dell, according to Bloomberg data. JPMorgan also issued a $60 price target, which implies upside of about 34 percent from current levels.

Shares of Dell (DELL) opened at $46 on Friday, but later declined to $44.79 in afternoon trading.

In a note to clients, JPMorgan analyst Paul Coster called Dell “one of the largest, most comprehensive, most integrated product and service companies in the IT space,” as well as “a market leader in multiple product categories.”

Dell’s “positive momentum may justify a premium valuation as the firm pays down debt,” Coster added, and while “there could be near-term volatility as event-driven investors exit the stock,” he expects it to outperform over the next 12 to 18 months.