Dell Technologies (DELL) stock ripped higher and closed at a new all-time high on Sept. 11 after RBC Capital Markets initiated coverage of the tech-hardware giant with an “Outperform” rating. Analyst David Paige assigned a $640 price objective to DELL, which signals potential for another 15% upside from current levels.
RBC’s bullish call is significant given Dell shares have already been in a sharp uptrend in 2026, currently trading at more than 4x their price at the start of this year.
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www.barchart.comRBC’s Bullish View on Dell Stock
In his research note, Paige highlighted Dell’s commanding role in the ongoing enterprise transition toward artificial intelligence (AI) hardware.
He emphasized that the company is exceptionally well-positioned to capitalize on a multi-year AI spending surge, adding that there are no signs of demand decelerating.
The RBC analyst’s optimism is rooted in DELL’s huge $95 billion unfulfilled server order backlog alongside its recent Q2 earnings, which showcased $16.4 billion in AI-optimized server sales.
Crucially, demand is spilling over into Dell’s high-margin storage solutions, which saw revenue jump 26% last quarter, as enterprise customers expand datacenter capacity to handle intensive AI workloads.
What Else Makes DELL Shares Worth Buying
Beyond top-line server metrics, RBC pointed to Dell’s operational efficiency and massive scale as key structural advantages against competitors.
Paige described the firm’s supply chain management as a notable competitive moat, particularly in periods when high-performance GPUs and memory components face global supply constraints.
As enterprises navigate tight component availability and supply disruptions, clients increasingly look to Dell as a reliable partner to deliver scale on tight schedules.
This supply chain superiority, combined with expanding enterprise AI server adoption, underpins his confidence that Dell stock will continue outperforming the broader hardware sector.
A small 0.45% dividend yield makes DELL even more attractive as a long-term holding.
Dell Remains Buy-Rated Among Wall Street Firms
Investors should also note that other Wall Street firms agree with RBC’s constructive view on DELL shares.
The consensus rating on Dell Technologies sits at “Strong Buy,” with price targets as high as $735 reinforcing that the tech stock is not at all out of juice just yet.
www.barchart.com On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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