Wall Street is Bullish on Dell Stock And Here’s Why We Agree

Dell Technologies (NYSE:DELL | DELL Price Prediction) just delivered one of the most explosive quarters in its history, and the stock has responded in kind.

After a 153.81% year-to-date rally and an 88% revenue surge driven by AI servers, the question is whether the run has more room. Our 24/7 Wall St. price target for Dell is $360.47, implying 13.69% upside from $317.05, with a buy rating and high confidence.

An AI Server Quarter That Changed The Narrative

Dell shares closed at $317.05 on May 28, up 25.42% in a week, 53.96% in a month, and 183% over one year.

The catalyst is Q1 FY27: revenue of $43.84 billion beat estimates by 22.58%, non-GAAP EPS of $4.86 beat by 63.99%, and AI-Optimized Server revenue exploded 757% to $16.13 billion. Management booked $24.40 billion in AI orders during the quarter alone and raised full-year FY27 revenue guidance to $165 billion to $169 billion, with non-GAAP EPS guided to $17.90 at the midpoint.

Why Bulls See A Breakout Ahead

The bull case is a backlog story. Dell exited FY26 with a $43 billion AI server backlog and added $24.40 billion of fresh orders in a single quarter. Guidance for roughly $60 billion in AI server revenue in FY27 represents 144% growth, and ISG operating margin already expanded to 10.5%.

Reddit sentiment hit 85 (Very Bullish) post-earnings. If forward EPS continues to migrate higher, our bull case scenario tops out at $414.49 over the next twelve months.

UBS analyst David Vogt raised the firm’s price target on Dell Technologies to $440 from $243 and keeps a Neutral rating on the shares while Citi analyst Asiya Merchant raised the firm’s price target on the stock to $475 from $290 and keeps a Buy rating on the shares.

JPMorgan raised the firm’s price target to $500 from $280 and keeps an Overweight rating on the shares following the fiscal Q1 report.

The Risks Worth Watching

Gross margin compressed to 17.8% from 21.1% a year earlier as AI server mix dilutes profitability. Dell carries negative shareholders’ equity of negative territory and faces single-source supplier exposure. The analyst consensus target of $218.09 sits well below the current quote, and recent insider activity skews toward selling, with 553 transactions net negative.

Bulls would counter that margin pressure reflects deliberate volume capture in a land grab phase, while operating income still grew 213.8% YoY. Our bear scenario lands at $280.62.

Dell Price Prediction 2026-2030

The 24/7 Wall St. price target of $360.47 backs a buy at 90% confidence. The tipping factor is the FY27 EPS guide of $17.90, which puts the implied forward multiple near 23x, reasonable for an AI infrastructure leader compounding earnings at 74%. The thesis strengthens if AI backlog continues building above $40 billion. It weakens if ISG margins slip below 9% or backlog conversion stalls.

Looking further ahead, here is where our model projects Dell could trade, assuming current trajectories hold.

These projections assume Dell continues executing on AI infrastructure share gains. Significant upside or downside could come from hyperscaler capex cycles and supplier concentration.

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