On June 1, Dell Technologies rose 4.48% in regular trading, trading at $446.095/share with trading volume of $2.676 billion, extending gains following its record-shattering Q1 FY2027 earnings report.
The continued rally is driven by a wave of Wall Street analyst upgrades. Morgan Stanley publicly acknowledged its prior bearish call was wrong, upgrading Dell from underperform to equal-weight and raising its price target from $170 to $448. JP Morgan raised its target to $500 while maintaining an outperform rating. The upgrades follow Dell's Q1 results showing revenue of $43.8 billion (up 88% YoY), AI server revenue of $16.1 billion (up 757% YoY), and AI backlog orders of $51.3 billion. The company raised full-year AI server revenue guidance to $60 billion. Analysts noted the results demonstrated AI demand is broadening beyond GPUs into traditional infrastructure, with the growth cycle still in early stages.
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