Dell Technologies (DELL) stock hit an all-time high of $191.38 on Wednesday, April 16, as Goldman Sachs lifted its price target to $215 from $195 while keeping its Buy rating.
The stock has climbed roughly 49% year-to-date and has returned 117% over the past year. Goldman’s move came alongside a wave of analyst upgrades from across Wall Street.
Goldman’s case rests on two pillars: accelerating AI server demand and Dell’s structural advantage in securing DRAM supply. That supply-chain edge is increasingly valuable as AI infrastructure buildouts face component bottlenecks.
At around $187.70 when the target was raised, Goldman’s new figure implies roughly 15% additional upside from current levels.
Dell reported AI-optimized server revenue of $8.95 billion in Q4 FY26 — a 342% jump year-over-year. Its AI backlog entering FY27 stood at a record $43 billion, giving the company unusual earnings visibility.
Full-year FY26 revenue came in at $113.54 billion, up 19% year-over-year. Non-GAAP EPS reached $10.30.
For FY27, Dell guided for total revenue of $138 billion to $142 billion and AI-optimized server revenue of approximately $50 billion.
Goldman isn’t alone. Mizuho raised its price target to $215 from $180, citing strong AI server demand anticipated through 2026 and 2027.
Evercore ISI bumped its target to $205 from $160, pointing to the resilience of CPU-driven server demand. BofA Securities also moved to $205 while maintaining its Buy rating, following a conversation with CEO Michael Dell about AI infrastructure.
Across the Street, Dell now has 19 buy or strong buy ratings and just one sell. Goldman’s target sits above consensus, reflecting a differentiated view on Dell’s AI positioning.
Wolfe Research initiated coverage with a Peerperform rating, flagging memory pricing and supply risks. Analyst George Rogers noted that AI server sales currently make up 27% of Dell’s revenue and are expected to keep growing.
At a forward P/E of 14x and a PEG ratio of 0.74, Dell trades at a discount to the broader market despite guiding for 25% EPS growth in FY27.
That gap between growth and valuation is the core of Goldman’s bull thesis — a high-growth company priced like a value stock.
Margin compression is a real concern. GAAP gross margin fell to 20% in Q4 FY26 from 24% a year earlier, as the lower-margin AI server business grows as a share of total revenue.
On the shareholder returns front, Dell raised its dividend by 20% and added $10 billion to its share repurchase authorization. The company returned a record $7.5 billion to shareholders in FY26.
Dell’s Infrastructure Solutions Group generated $19.6 billion in Q4 FY26 revenue, up 73% year-over-year.
Goldman’s revised $215 price target is the latest in a string of upward revisions tied directly to Dell’s expanding AI server business and its record $43 billion backlog entering FY27.
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