TLDR
- DELL stock rose 4.3% to $556.85, hitting a new 52-week high of $558.50
- CEO Michael Dell is set to speak at the Goldman Sachs Communacopia + Technology Conference at 12:25 PM PDT today
- Dell reported record Q2 revenue of $47.0 billion, up 58% year over year, with a $95 billion AI backlog
- Evercore raised its price target to $650 and kept DELL as a top pick, with a bull case path to $1,000
- Silver Lake Partners sold roughly $38.2 million in Dell stock on September 3, though this has not slowed the rally
Dell Technologies stock climbed 4.3% in morning trading on Wednesday, reaching $556.85 and touching a new 52-week high of $558.50. The move comes as CEO Michael Dell prepares to take the stage at the Goldman Sachs Communacopia + Technology Conference at 12:25 PM PDT today.
Markets are watching the appearance closely for any updated commentary on Dell’s AI infrastructure pipeline, which has been the core driver of the stock’s strong run this year.
The conference appearance follows a record-breaking earnings report on September 1. Dell posted Q2 fiscal 2027 revenue of $47.0 billion, up 58% year over year, with $16.4 billion in AI revenue and $60.9 billion in AI-related orders during the quarter.
The company is sitting on a $95 billion AI backlog, which gave management enough confidence to raise full-year guidance to 69% sales growth and a 148% jump in adjusted EPS to $25.50.
That earnings beat triggered a wave of analyst upgrades. Morgan Stanley, Goldman Sachs, and Citigroup all raised their price targets following the report.
On Wednesday morning, Evercore went further, lifting its price target to $650 from $575 while keeping DELL as a top pick.
What Evercore Is Saying
Analyst Amit Daryanani outlined four reasons for continued optimism: neocloud deployment growth, early-stage enterprise AI adoption, supply chain advantages that help Dell gain market position, and disciplined capital allocation.
Daryanani sees current Street EPS estimates of around $25.88 for FY27 as beatable, with a bull case above $30. He also laid out a path to FY28 EPS exceeding $40 versus the Street’s current estimate of around $31, which he says could support a stock price of $1,000 using a 25x price-to-earnings multiple.
Insider Sales in the Mix
Not everything points in one direction. Silver Lake Partners IV sold approximately $38.2 million in Dell Class C Common Stock on September 3, 2026. A broader set of Silver Lake entity sales totaled well over $160 million near the 52-week high.
The sales have not slowed the stock’s momentum. DELL is outperforming a weak broader market today, with the S&P 500 down 0.3%, the Dow down 0.6%, and the Nasdaq off 0.4%.
Dell currently trades at approximately 19 times forward earnings. A fresh Buy recommendation was also noted in analyst coverage published on September 8 and 9, keeping institutional interest elevated heading into today’s conference.
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