Two weeks ago, JPMorgan raised its Dell price target to $280 and called it a meaningful move. After Dell’s latest earnings, that target lasted less than a fortnight.
On May 29, the same analyst nearly doubled it again.
JPMorgan raises Dell target: the analyst behind the call
Samik Chatterjee, a top-ranked JPMorgan analyst rated eighth among more than 10,000 Wall Street analysts on TipRanks, raised his price target on Dell Technologies (DELL) to $500 from $280 and maintained his overweight rating following Dell’s latest earnings, according to 24/7 Wall St.
The progression is striking. Chatterjee raised the target to $280 from $205 on May 15 as memory cost headwinds eased. He has now moved it to $500 after Dell’s earnings print.
That is a 144% increase from where JPMorgan stood just two weeks ago.
The raise is driven by a specific set of numbers Dell put on the table, not a general re-rating of sentiment toward the stock.
Dell AI backlog and revenue outlook drive new stock price target
The headline figure is Dell’s AI order momentum. Chatterjee said Dell booked $24 billion in AI orders in the latest quarter, bringing the total backlog to $51 billion. Dell also raised its AI revenue outlook to $60 billion, according to TipRanks.
The $60 billion AI revenue outlook implies 144% year-over-year growth. Chatterjee noted it still looks supply constrained, but he argued the figure implies share gains because Dell’s portfolio and execution on complex systems continue to reinforce its industry leadership.
Link: https://sg.finance.yahoo.com/news/jpmorgan-resets-dell-stock-price-164700956.html