Dell Stock Gets a $650 Price Target From Evercore: Here’s Why

The Dell stock price target just jumped again, and this time it’s Evercore doing the pushing. The firm raised its target on Dell Technologies (DELL) to $650 from $575 this week, and it kept a Buy rating on top of that, naming the stock a “Top Pick” heading into the rest of 2026. Senior analyst Amit Daryanani is behind the call, and the new Dell stock price target points to more than 20% upside from where shares sit right now. Anyone trying to figure out where Dell technologies stock is headed, or building out a stock forecast for the months ahead, is going to want the details on this one.

Dell Stock Price Target Jumps as Evercore Sees More 2026 Upside

Why Evercore Raised Its Dell Stock Price Target

Daryanani’s thinking here is that Dell isn’t really competing in a commoditized hardware market anymore, or at least not in the way it used to. The note points to early enterprise AI adoption and, also, fast growing neocloud infrastructure spending as the real engine behind this Dell stock price target increase. Supply chain constraints are still an issue across the industry, but Dell’s logistics network should let it pick up market share even so.

High margin AI servers and storage make up a big piece of it too, with EBIT margins on that side set to climb past 30%. It’s also worth mentioning, at the time of writing, Dell pays a small dividend, around 0.47%, which some readers following this Dell stock forecast might find useful context.

The Earnings Case Behind This Dell Stock Forecast

Wall Street consensus currently puts Dell’s fiscal 2027 earnings near $25.88 a share. Evercore’s bull case runs higher than that, above $30, and it ties mostly to AI server revenue, which should hit $85 billion this year and climb to $125 billion by fiscal 2028. Higher AI attach rates, tighter operating expenses and steady capital returns make up the combination Daryanani figures could push fiscal 2028 earnings past $40 a share. Even counting all that upside, Dell still trades at a forward P/E near 21x right now. That’s higher than both Super Micro Computer and HP. That valuation gap matters when judging whether this Dell stock price target still leaves room to run

Dell Technologies Stock And The Wider Outlook For Dell Stock 2026

Evercore’s $650 number sits well above where most analysts land. The broader consensus rating on Dell technologies stock is still “Strong Buy,” and the average price target across the Street lands somewhere around $580 to $590, which would be close to 10% upside from current levels. Dell stock has already climbed more than four times its price since the start of 2026, so this latest price target hike is arriving after a huge run, not before one, and that’s an important thing to keep in mind for anyone reading the Dell stock forecast and expecting an early entry point.

Between the AI backlog building up, the margin story playing out and now a $650 Dell stock price target from one of the more bullish voices on the Street, 2026 is shaping up to be a year where the AI infrastructure trade either keeps paying off or starts to look stretched. Either way, this Dell stock price target gives the bulls one more data point to point to.