Sep. 7 at 8:18 PM
Evercore ISI removed Dell Technologies from its Tactical Outperform (TAP) list following the company’s strong July-quarter results and higher guidance, but maintained its bullish long-term view. The firm kept Dell as a top pick with an Outperform rating and a
$575 price target.
Dell reported quarterly revenue of
$47 billion and EPS of
$7.04, well above estimates of
$44.9 billion and
$4.91. Revenue jumped 58% year over year, led by a 122% increase in traditional servers and networking, 100% growth in AI servers, 26% growth in storage and 20% growth in CSG.
AI server revenue reached
$16.4 billion, while AI server orders climbed to
$61 billion, lifting Dell’s AI backlog to roughly
$95 billion and providing greater visibility into future growth. Evercore said the results show demand is broadening beyond cloud AI infrastructure to include both traditional and AI enterprise deployments.
$DELL