BMO Capital Markets increased its fiscal 2012 profit forecast for Dell, Inc. (NASDAQ: DELL), a day after the PC maker reported strong quarterly results.

For the fourth quarter, Dell earned 48 cents a share on a GAAP basis and 53 cents a share on a non-GAAP basis. Both measures represent an increase of 182 percent and 89 percent from last year. Quarterly revenue rose 5 percent to $15.69 billion. Analysts expected earnings of 37 cents a share on revenue of $15.71 billion.

The brokerage raised its fiscal 2012 earnings estimate for Dell to $1.68 a share from $1.52 a share. Wall Street expects earnings of $1.49 a share on revenue of $64.43 billion, according to analysts polled by Thomson Reuters.

The brokerage, which has a market perform rating on the stock, also raised the price target to $17.50 from $17.

However, analyst Keith Bachman expressed concerns over the company's revenue forecast.

Bachman, who is expecting a 4.5 percent revenue growth in 2012, said the company's revenue guidance is a bit aggressive. Dell had guided fiscal 2012 revenue growth in the range of 5 percent to 9 percent.

We believe that Dell's business mix and execution is improving and that the weak PC market will help support a 19%-plus gross margin. However, we believe that Dell's revenue guidance is aggressive, the analyst wrote in a note to clients.

Shares of Texas-based Dell were up 70 cents, or 5.64 percent, at $14.69 in Wednesday's morning trade on Nasdaq.

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