Out of the Gate: Dell Inc. Hits High

Shares of Dell Inc. hit a high of $30.77 at Wednesday's opening bell after the company filed long-awaited restated earnings with regulators, calming investors' nerves.

Deutsche Bank analyst Chris Whitmore said he continued to view Dell's shares as "attractive" and praised the "restatement relief." He maintained his "Buy" rating and $35 price target.

"We believe Dell's strategy update call in late November in conjunction with improving corporate PC demand, repositioning/restructuring efforts and significant share buybacks could be positive catalysts for the stock," Whitmore said in a client note.

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On Tuesday, Dell reduced its profits for fiscal years 2003 through 2006 and the first-quarter of 2007 by $92 million after an investigation found employees deceived auditors and manipulated results to meet performance goals.

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But while the filing is complete, the Securities and Exchange Commission continues to investigate the company, according to a Dell spokesman.

Shares of the Round Rock, Texas, company fell slightly after the high, but were still up 87 cents, or 2.9 percent, to $30.64.