From Investing.com: 2024-05-29 10:55:56

Bank of America raised Dell Technologies Inc.’s price target to $180, noting strong AI momentum and new product launches at Dell Technologies World. Dell’s shares rose over 2% on Wednesday, with analysts reiterating a “Buy” rating for the company. Robust demand for AI servers and storage, an IBM mainframe refresh, and an expected PC refresh are key factors for Dell’s positive outlook. In Q1, Dell reported shipping $800 million worth of AI servers, with backlog doubling to $2.9 billion. BofA expects AI server revenue to reach $1.4 billion this quarter, with a potential backlog of $4-5 billion. The bank adjusted its fiscal 2025 revenue and EPS estimates to $92.9 billion and $7.84, respectively, highlighting confidence in AI demand. Dell’s strategic position in the AI market underscores its long-term growth prospects.



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