Deutsche Bank analyst Chris Whitmore, who has had a buy rating on Dell for two years, declared that the turnaround has begun, in a note to investors after the earnings.

"We believe Michael Dell's return to the CEO role has been a catalyst for change in the company, and we expect further actions to drive improved results over the next few quarters," Whitmore wrote.

Deutsche Bank makes a market in Dell shares, owns 1 percent or more of its shares and has received noninvestment banking compensation from Dell in the past year.

Shares of Dell were up as much as 6% after the report, with gains moderating to 1.7% at $27.39 in midday trading Friday.

While there's no denying that Dell's earnings were stronger than most people expected, it's not clear that they truly represent the first tangible results of the company's turnaround plan.

Dell's so-called upside in the quarter is debatable. Yes, the company beat Wall Street expectations, but those expectations were somewhat arbitrary because Dell didn't provide any real guidance going into the quarter, saying only that "growth and margins will continue to be under pressure."

On that basis, Dell's results look like they were in fact in line. Net income was flat, operating margin was down slightly and sales increased a scant 2.8% -- all of which sounds a lot like the pressure Dell predicted.