Evercore Boosts Dell PT to $160, Citing Strong AI Server Demand

Dell Technologies Inc. (NYSE:DELL) is one of the Buzzing AI Stocks on Wall Street.  On August 15, Evercore ISI analyst Amit Daryanani raised the price target on the stock to $160.00 (from $150.00) while maintaining an Outperform rating.

According to the firm’s supply chain checks, there is potential upside to Dell’s artificial intelligence server momentum through fiscal year 2026 and probably beyond.

The company’s guidance also points to major gains in Dell’s AI server revenues. The firm further highlighted how demand momentum remains strong with multiple Tier-2 cloud players driving upside.

Dell’s key customers include xAI and Coreweave. The company is also ramping up capacity with Oracle as well.

“DELL’s formal guide for AI server revenues stands at $15B+ for the year and DELL expects to ship ~$7B of AI servers in July-qtr. Our checks suggest that momentum remains fairly strong with multiple Tier-2 cloud players driving demand upside (DELL’s key customers are xAI and Coreweave), and DELL is incrementally ramping up capacity with Oracle as well.”

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“We think conservatively DELL could end-up seeing AI server revenues in the $17-20B (implying $4.1B-$5.6B quarterly rev run-rate in H2) range for the year vs. current expectation of $15B+. The upside is coming from incremental allocation at key neo-cloud partners coupled with new customer ramps. There is an element of upside being driven by improved GB200 rack supply that is driving better availability for high-end NVL72 racks.”

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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