Over the last few weeks, shares of Dell (NYSE: DELL) exploded from about $230 to a high of $295 as it heads into earnings on May 28. Wall Street analysts remain overwhelmingly bullish. JPMorgan Chase recently reiterated its Buy rating on DELL stock and maintained a $280 price target. And we believe the stock could push even more aggressively higher.

“We are expecting Dell to raise its earnings guidance for FY27 (Jan-end) again from the already raised outlook of 25% growth, although more modest in this case, on account of flow-through of the beat in F1Q27 but constrained by supply visibility, which still needs to catch up to the higher demand outlook for AI servers in particular,” the firm said, according to CNBC.

Meanwhile, analysts at Citigroup raised their price target on DELL to $290 from $235, citing “strong neo cloud/sovereign AI demand and improving enterprise mix” as key growth drivers, according to Seeking Alpha. Analysts at Mizuho Financial Group also boosted their Dell price target, increasing it to $300 from $260. The firm pointed to agentic AI workloads as a durable catalyst for sustained server demand and recurring revenue growth.

Investors will be paying close attention to Dell’s AI server backlog and commentary surrounding enterprise demand trends. With hyperscale cloud providers continuing to expand AI infrastructure spending, Dell remains one of the key beneficiaries of data center growth. 

Sincerely,

Ian Cooper