DELL Stock Hits All-Time High – Goldman Sachs Sees Further Growth Despite 52% Rally This Year

• Demand for AI servers and advantage in securing DRAM supply will drive Dell’s earnings, Goldman said.
• JPMorgan expects continued investment in AI infrastructure, including servers and networking equipment, to drive upside for companies like Dell.
• Dell expects revenue from its AI server business to more than double by fiscal 2027.

Shares of Dell Technologies surged nearly 8% to a record high on Thursday, as a wave of bullish analyst calls underscored strong momentum in its AI server business.

On Thursday, Goldman Sachs raised its price target on Dell Technologies to $215 from $195 and maintained a ‘Buy’ rating, according to The Fly. This implies a 13% upside from current levels.

Goldman added that, despite high expectations following the stock’s strong rally, Dell still appears well-positioned for further earnings growth, supported by robust demand for AI servers and its advantage in securing Dynamic Random Access Memory (DRAM) supply.

DELL shares have gained around 30% since the beginning of March and more than 52% so far in 2026.

Meanwhile, retail sentiment on Stocktwits remained in the ‘neutral’ zone over the past 24 hours.

JPMorgan Sees Continued AI Investment To Drive Dell Stock

Meanwhile, JPMorgan raised its price target on Dell to $205 from $165, while maintaining an ‘Overweight’ rating. The revision comes as part of the firm’s Q1 outlook for the hardware and networking sector.

The firm expects continued investment in AI infrastructure, including servers, networking equipment, and connectivity solutions, to drive upside for companies, like Dell, with strong exposure to AI demand.

Dell AI Servers Revenue To More Than Double

In February, Dell said it expects revenue from its AI server business to more than double by fiscal 2027, with growth projected at 103% to around $50 billion. The company said it serves more than 4,000 customers in its AI server business.

The outlook is supported by heavy spending from major tech companies such as Alphabet Inc. (GOOG, GOOGL), Microsoft (MSFT), Amazon (AMZN), and Meta Platforms (META), which are expected to collectively invest over $630 billion in AI infrastructure in 2026, according to a Reuters report. This surge in spending is likely to drive strong demand for servers and data center equipment.

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