Dell Technologies (DELL) Could Benefit From 2026 Data Center Refresh, Says Piper Sandler

Dell Technologies Inc. (NYSE:DELL) is one of the Trending AI Stocks on Wall Street’s Radar. On October 22, Piper Sandler initiated the stock as “Overweight” and a $172 price target. The firm believes that Dell’s opportunities are “strong.”

According to analysts at Piper Sandler, Dell should be one of the “primary beneficiaries” of a robust enterprise data center refresh, which “looks particularly strong for 2026.”

It also pinpointed the AI infrastructure buildout and the forthcoming Windows 10 end-of-life as additional catalysts, stating that “~50% of units still need to be refreshed.” With shares “up ~3.5x since November 2022,” Dell is now viewed as an AI beneficiary, having 45% of its server business AI-related.

However, the company continues to face “a secular headwind in the shift towards cloud by enterprises” and probable market share losses in PCs.

“Positively, Dell should be one of the primary beneficiaries of upcoming enterprise datacenter refresh that looks particularly strong for 2026, AI infrastructure buildouts, and Win-10 end-of-life in which ~50% of units still need to be refreshed or remain vulnerable.”

Dell Technologies Inc. (NYSE:DELL) provides IT solutions, including servers, storage, networking, and personal computing devices, to businesses and consumers worldwide.

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