On June 2, Dell Technologies rose 3.35% in after-hours trading, trading at $479.64/share with trading volume of $129 million, extending its post-earnings rally that has propelled shares more than 50% higher since the company reported blockbuster fiscal Q1 results on May 28.
The continued upside follows Morgan Stanley's high-profile upgrade of Dell from underweight to equalweight, with a dramatic price target increase from $170 to $448, acknowledging the firm had been \"too conservative\" on the hardware cycle. JPMorgan also raised its target to $500, maintaining an overweight rating. Analysts noted that AI demand is spreading from GPUs to traditional infrastructure, and this trend remains in early stages.
The underlying catalyst remains Dell's record Q1 FY2027 results: revenue of $43.8 billion (up 88% YoY, beating consensus by ~$8.4 billion), AI server revenue of $16.1 billion (up 757% YoY), and AI backlog of $51.3 billion. The company raised full-year AI server revenue guidance to $60 billion and total revenue guidance to $167 billion, far exceeding prior Street estimates of ~$142 billion.
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