Dell Price Targets Climb as High as $735 on AI Server Demand

Four Wall Street firms raised their price targets on Dell in quick succession. Melius lifted its target to $735 citing margin strength, while Mizuho raised its target to $600 pointing to AI server growth. Piper Sandler and Raymond James also raised their targets, with Raymond James moving to $617 on AI demand strength. The clustering of upgrades suggests analysts see a consistent story: Dell's AI server business is improving profitability faster than expected, not just growing revenue. The spread between the targets, from $600 to $735, shows firms agree on the direction but disagree on how much upside the AI server cycle still has. What's unresolved is whether Dell's actual reported margins in coming quarters will validate the higher end of that range or come in closer to the more conservative Mizuho estimate.