Shares of Dell Technologies (DELL) - Get Report jumped Wednesday afternoon after the stock was upgraded by a Citigroup analyst. 

Citigroup initiated coverage of Dell late Tuesday with a "buy" rating, while setting a price target of $55 a share.

Dell was up more than 2% at one point Wednesday afternoon, closing in on $45 a share, before falling back to $44.62, or a 1.27% gain at the close.

Citigroup analyst Jim Suva argued the market hasn't fully caught up yet with Dell's aggressive plans to pay down its debt.

Dell should be able to tape current cash, cash flow and short-term investments to pay down the $4.3 billion in debt that comes due in the second quarter, Suva wrote.

By paying down its debt, Dell will be able to slash the amount it is paying out in interest, and, in turn, provide a boost to analyst earnings-per-share estimates for "2H and beyond," Suva wrote, according to published reports.

The uptick comes after a rough month for Dell stock, with the price having plunged from more than $58 back on Dec. 19.

Dell shares lost nearly 20% of their value during this period, even as the computer and technology sector rose 2.64% and the S&P 500 gained 4.16%, according to Zacks.

Dell's next earnings report comes on March 14, when the computer and technology services giant is expected to report earnings per share of $1.91, which would be a 20.08% drop from the same period a year ago, Zacks stated.