Bank of America Highlights Growing AI Infrastructure Spend for Dell Technologies (DELL)

Dell Technologies Inc. (NYSE:DELL) has posted YTD gains of 68.99% as of April 27, putting it among the 10 Large-Cap Stocks that are on Fire Right Now.

On April 27, Bank of America raised the firm’s price recommendation on Dell Technologies Inc. (NYSE:DELL) to $246 from $205. It reiterated a Buy rating on the shares. The analyst said the next phase of AI is agentic. For Dell and Hewlett-Packard Enterprise, that shift is driving higher demand for AI servers and storage, along with their traditional server business. The firm is applying higher valuation multiples to both companies, reflecting expected upside from growing demand across AI infrastructure and core compute.

On April 22, Evercore raised its price target on Dell Technologies to $240 from $205 and kept an Outperform rating. This followed Boost Run’s announcement of a $1.4 billion purchase agreement with Dell for AI-related infrastructure. The analyst noted that the deal includes both hardware and software, though it did not specify deployment timing. The firm described the agreement as “modest relative to Dell’s FY26 AI server revenue guide of ~$50 billion.” Even so, the analyst said the deal provides an early sign that enterprise demand for AI infrastructure is building. It also suggests that demand is starting to turn into committed, longer-term agreements.

Dell Technologies Inc. (NYSE:DELL) designs, develops, manufactures, markets, and supports a broad range of integrated solutions, products, and services.

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