Evercore ISI raised the firm’s price target on Dell Technologies to $80 from $70 and keeps an Outperform rating on the shares. Following Dell’s “strong” July-end quarter results and management’s remarks regarding its $2B AI server backlog, the firm thinks Dell could see about $4B-$5B in AI-enabled server revenue in FY25 and about 40c-50c of incremental EPS, the analyst tells investors. Despite the “sizable run-up” in shares, Dell remains “an attractive value name” and the firm expects investors to focus on capital allocation and AI upside at the company’s upcoming analyst day, added the analyst.
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