Bernstein raises Dell's price target to $650 from $500, saying growth has broadened beyond single AI servers into traditional servers and storage as AI infrastructure demand lifts the entire data-center hardware mix; scale expansion and improved product mix materially boost margins. Bernstein rates Dell Outperform and models FY2028 at 22x EPS and FY2029 at 19x EPS.

2026-09-03

Bernstein raises Dell's price target to $650 from $500, saying growth has broadened beyond single AI servers into traditional servers and storage as AI infrastructure demand lifts the entire data-center hardware mix; scale expansion and improved product mix materially boost margins. Bernstein rates Dell Outperform and models FY2028 at 22x EPS and FY2029 at 19x EPS.