Dell Technologies stock could continue to climb with help from a major electric-vehicle maker, said analysts at Evercore ISI.
Analyst Amit Daryanani increased his price target on Dell to $165 from $140, which represents an 11% increase from the stock’s closing price on Wednesday of $149.16. In a research note Thursday, Daryanani said he believes the company has gained a “large portion of business for Tesla’s AI [artificial intelligence] server buildout which would be INCREMENTAL to their current ~$2.9B AI backlog.”
Dell…
stock could continue to climb with help from a major electric-vehicle maker, said analysts at Evercore ISI.
Analyst Amit Daryanani increased his price target on
to $165 from $140, which represents an 11% increase from the stock’s closing price on Wednesday of $149.16. In a research note Thursday, Daryanani said he believes the company has gained a “large portion of business for
AI [artificial intelligence] server buildout which would be INCREMENTAL to their current ~$2.9B AI backlog.”
Dell declined to respond to a Barron’s request for comment.
didn’t respond to a request for comment.
“While our impression is that
[
] has won some of the Tesla AI server business as well, allocations are heavily skewing towards DELL,” Daryanani added.
Daryanani’s price target increase comes one day after Dell’s market value crossed $100 billion for the first time since the company went public again in 2018. The stock has gained 92% this year.
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Increased demand for artificial-intelligence servers and an improving personal-computer market have helped push shares higher.
Shares of Dell were down 1.2% to $147.24 on Thursday.
Write to Angela Palumbo at angela.palumbo@dowjones.com
