JPMorgan ups Dell Technologies target, adds to Analyst Focus List

JPMorgan raised the firm’s price target on Dell Technologies to $160 from $155 and keeps an Overweight rating on the shares. The analyst also added Dell to the firm’s Analyst Focus List as a value pick. Shares of Dell have significantly underperformed other artificial intelligence beneficiaries as well as the broader market since its last earnings report, led in part by investor concerns around margin pressures being indicative of elevated levels of competition disrupting the AI server market. The firm says the AI server market “still remains in the early innings” and the revenue opportunity is large. It sees several reasons why the market reaction “appears overblown and there remain robust long-term upsides.” Even moderate share gains in the AI server market would imply a revenue opportunity of $20B-plus in fiscal 2027 for Dell, contends JPMorgan.