Dell Technologies

DELL · NYSE

$461.56+$6.75 (+1.48%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $454.81

DELL analyst rating

BuyConsensus of 23 analysts over the last 12 months. 74% rate it a buy.

Strong buy0
Buy17
Hold6
Underperform0
Sell0

12-month price target · 29 analysts

Average $591.76 (+28.2% upside)

Low: $484.80
Now: $461.56
High: $735.00

Upgrades and downgrades

The latest rating actions, newest first

DELL analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Barclays	Oct 14, 2026	Downgrade	Overweight → Equal-Weight	$603.00 → $574.00	58%
Mizuho	Oct 6, 2026	Maintains	Outperform	$600.00 → $650.00	59%
TD Cowen	Sep 29, 2026	Maintains	Hold	$500.00 → $550.00	56%
Morgan Stanley	Sep 21, 2026	Maintains	Equal-Weight	$499.00 → $511.00	63%
RBC Capital	Sep 10, 2026	Initiates	Outperform	$640.00	50%
Evercore ISI Group	Sep 9, 2026	Maintains	Outperform	$575.00 → $650.00	65%
Citigroup	Sep 2, 2026	Maintains	Buy	$515.00 → $600.00	81%
JP Morgan	Sep 2, 2026	Maintains	Overweight	$565.00 → $635.00	58%
Melius Research	Sep 2, 2026	Maintains	Buy	$650.00 → $735.00	80%
Goldman Sachs	Sep 2, 2026	Maintains	Buy	$510.00 → $570.00	60%

The case for and against

Updated Oct 14, 2026

Bull case

Dell Technologies is supported by durable AI infrastructure demand, evidenced by a $95 billion AI server backlog exiting 2Q27 and $60.9 billion in Jul ’26 orders, with noncancelable purchase orders and no cancellations providing strong visibility into shipments through CY27. Its full-stack portfolio across AI servers, traditional servers, storage, and commercial PCs should continue to gain share as enterprise refresh cycles, AI PC adoption, and data center modernization lift demand, while proprietary Dell IP storage improves margins and offsets AI server rate pressure. Strong execution, a best-in-class supply chain, and robust free cash flow generation—with ISG margin at 15% in 2Q27 and substantial cash returns since FY23—support the positive outlook.

Bear case

Dell Technologies is facing a difficult fundamental setup because its growth is increasingly tied to AI servers, where revenue is surging but margins are compressed by a lower-margin mix, heavy third-party component dependence, and competitive CSP-led deals; management and RBC estimates imply AI-optimized server revenue rising from about $10bn in FY25 to roughly $25bn in FY26 and $74bn+ in FY27E, while product gross margin already fell about 210 bps in FY26 to 13.7%. At the same time, the company’s core PC and enterprise businesses are being squeezed by shifting IT spend toward infrastructure, a global memory shortage expected to persist through the end of calendar 2027, and pricing/availability pressure from elevated DRAM and NAND costs. Customer concentration adds further risk, as a single customer accounted for 12% of consolidated net revenue, and Dell’s expanded AI backlog may not offset the earnings volatility created by supply constraints, margin dilution, and tougher competition in ISG and CSG.

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