Dell Technologies (NYSE: DELL) experienced a surge in trading on Friday after reporting impressive second-quarter results that surpassed expectations. Analysts are increasingly bullish on Dell’s prospects, with Morgan Stanley analyst Erik Woodring raising his price target to a Street high of $70 and naming Dell its top IT hardware pick.
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The analyst pointed out that Dell’s focus on artificial intelligence (AI) is a key driver of optimism, with plans to build thousands of AI servers in the coming years. The company’s strategic AI investments are expected to fuel revenue and earnings growth for several quarters to come, solidifying its position in the IT industry.
Even top-rated Citi analyst Asiya Merchant raised the price target on Dell to $70, noting that the company appears to be “favorably positioned” as demand for its commercial PCs improves and demand stabilizes when it comes to servers and storage.
Analysts are bullish on DELL stock with a Strong Buy consensus rating based on 10 Buys and two Holds.