Evercore Raises Dell Stock Target to $650 Amid AI Boom

Evercore just raised its price target for Dell Technologies to $650 from $575, maintaining a Buy rating and naming the firm a top pick for the remainder of 2026. Analyst Amit Daryanani suggests that Dell has evolved beyond simple hardware, positioning itself as a leader in enterprise AI and cloud infrastructure. This shift is expected to help the company gain market share despite ongoing supply chain difficulties.

The bull case relies on rising demand for high margin AI servers and storage. Estimates indicate that AI server revenue could reach $125 billion by fiscal 2028. Evercore analysts believe that improved operating efficiency and steady capital returns could push earnings past $40 per share by that time. While the current forward price to earnings ratio sits near 21x, which is higher than some competitors, the optimism remains high.

It is important to note that Dell shares have already grown fourfold since the beginning of 2026. This latest target from Evercore is more aggressive than the broader market consensus, which sits between $580 and $590. As investors watch the AI infrastructure sector, the key question will be whether this rapid growth can continue or if the current valuation is starting to look stretched.