Dell Technologies (DELL) ripped higher on Friday as a series of analyst upgrades and price target hikes fuelled intense buying momentum ahead of the firm’s Q1 earnings set to be released on May 28th.
Wall Street remains convinced that DELL will report blockbuster financials for the first quarter, with revenue coming in up nearly 52% year-on-year on a much higher bottom-line growth to $2.94 per share.
Investors are cheering the bullish reports, particularly because Dell stock is already up about 130% versus the start of this year (2026).
Why are analysts bullish on Dell stock
In a research note this morning, Citi analysts raised their price objective on DELL shares to $290, highlighting the company’s dominant positioning in “neocloud” deployments and “sovereign AI” infrastructure demand.
Their peers at JPMorgan also issued a positive note on Friday – reassuring investors that memory component cost inflation is “manageable” and the runway for enterprise AI server growth remains clear.
Mizuho also lifted its estimate for Dell Technologies today to a whopping $300, saying institutional investors are far more focused on the firm’s impressive $43 billion AI server backlog than they are on near-term margin contraction.
At the time of writing, DELL pays a dividend yield of 0.85%, which makes it even more attractive to own for long-term investors.
What else is driving DELL shares higher today
Adding fuel to the rally in Dell shares is the ripple effect from global PC and server rival Lenovo’s remarkable Q1 earnings.
The company doubled its net income to $559 million as revenue exploded by an exciting 27% year-over-year to $21.6 billion, driven heavily by an 84% increase in AI-related sales.
Lenovo’s data provided definitive, real-world confirmation to Wall Street analysts that the broader commercial PC refresh cycle is turning the corner and that global corporate spending on hybrid AI infrastructure is steepening rapidly.
Because Dell maintains a dominant footprint in both enterprise client solutions and specialized AI server architecture, traders are treating Lenovo’s blowout numbers as a leading indicator, signaling a mirrored “beat and raise” report next week.
Where options data suggests DELL is headed
Heading into the quarterly print, options traders are bullish on DELL stock as well.
The put-to-call ratio on contracts expiring May 29th sits at 0.5 currently, indicating a bullish skew, with the upper price at $323 signaling potential for about a 10% post-earnings rally.
Even from a technical perspective, Dell Technologies looks poised for continued momentum ahead
At the time of writing, the AI stock sits decisively above its major moving averages (MAs) – with an RSI in mid-70s indicating intense buying pressure.
Put it together with Wall Street’s consensus “moderate buy” rating, and Dell immediately starts to look attractive for a long-term position at current levels.
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