Dell Price Prediction: Double-Digit Gains Still Possible

Our Dell Technologies (NYSE:DELL | DELL Price Prediction) call is constructive heading into FY27. Dell trades at $205.93 as of April 29, 2026, and our 24/7 Wall St. price target for Dell is $235.63, implying 14.42% upside over the next 12 months.

We rate the stock a buy with 90% model confidence. The setup is straightforward: a $43 billion AI server backlog, a credible FY27 revenue guide, and aggressive capital return.

24/7 Wall St. Price Target Summary

From $85 to $205: How Dell Got Here

Dell has appreciated 121.37% over the past year and 64.85% year to date, recovering from a low of $85.46 to trade 16% below its 52-week high of $221.50. Shares pulled back 3.03% over the past week after a 20.21% monthly run.

Q4 FY26, reported February 26, 2026, set the tone. Revenue of $33.379 billion grew 40.21% YoY, beating expectations by 5.34%, and non-GAAP EPS of $3.89 came in 10.83% ahead of consensus. AI-optimized server revenue surged 342% YoY to $8.952 billion. Recent catalysts include Citi raising its target to $235 from $180 and a $1.44 billion AI infrastructure deal with Boost Run.

Why Bulls See a Breakout to $245+

The bull case for Dell is structural. FY27 guidance calls for revenue of $138B to $142B (+23% YoY) with AI-optimized server revenue roughly doubling to $50 billion and non-GAAP EPS of $12.90 at the midpoint. Q1 FY27 alone is guided to 51% revenue growth and 87% EPS growth. Capital return is robust, with a 20% dividend hike and a $10 billion buyback authorization increase.

External tailwinds support the case: Gartner sees data center systems spending growing 55.8% in 2026, and Dell is collecting share as Super Micro stumbled on a $1.1 to $1.4 billion Oracle contract loss. Our bull case scenario projects $245.93, a 19.42% total return.

The Risks Worth Watching

The bear case begins with margin mix. Q4 GAAP gross margin compressed to 20.2% from 23.7% as AI servers crowded the mix. Shareholders’ equity is negative at -$2.470 billion, and consumer client revenue was flat YoY. Bulls would counter that the equity deficit reflects aggressive buybacks, and FY26 free cash flow climbed 357.73% to $8.55 billion, funding the return program comfortably.

Sell-side consensus sits at $187, below current levels, with one Sell rating outstanding. Our bear case scenario projects $188.02, a -8.7% return, anchored on supplier concentration, AI demand volatility, and tariff exposure.

The Bottom Line

The 24/7 Wall St. price target of $235.63 reflects a buy at 90% confidence. The factor that tips the scale is the FY27 setup: $50 billion in guided AI server revenue against a $43 billion backlog. The constructive case holds if Dell keeps gross margin above 20% while converting backlog. The thesis weakens if hyperscaler AI orders soften meaningfully or if margin compression accelerates below 19%.

These projections assume Dell continues executing on its AI infrastructure roadmap and protects margins as the mix shifts. Significant upside or downside could result from sovereign AI build-outs accelerating or a hyperscaler capex pause.