Dell’s AI backlog hits $51 billion and revenue outlook jumps to $60 billion, driving JPMorgan’s revised target.
JPMorgan analyst Samik Chatterjee raised Dell Technologies’ (DELL) price target to $500 from $280, citing a $24 billion AI order influx in the latest quarter. The total AI backlog now stands at $51 billion, while Dell’s AI revenue outlook was lifted to $60 billion, implying 144% year-over-year growth.
Chatterjee initially raised the target to $280 from $205 on May 15 as memory cost pressures eased. The latest adjustment reflects Dell’s execution on complex AI systems and supply-constrained demand, rather than a broad sentiment shift.
The $60 billion revenue outlook underscores Dell’s share gains in the AI infrastructure market, reinforcing its competitive position.