Evercore raises Dell Technologies price target to $650, names it 'top pick'

Evercore lifts Dell target and pins a 'top pick' label

Evercore analyst Amit Daryanani raised his price target on Dell Technologies to $650 from $575 and designated the stock a "top pick" heading into year's end, according to a note covered on September 9. The new target sits about 18% above where Dell shares were trading at the time and frames a longer-term path of "a path to $1,000," as quoted in the note.

Analyst rationale: neoclouds, enterprise AI, and server demand

Daryanani wrote that he still sees "room for further upside" even after Dell's share price has quadrupled year to date, rising 331%. He cited two drivers: "a) emergence & acceleration of neocloud deployments; b) Enterprise AI adoption that is just starting and will provide durability of growth AND margin expansion." Dell's servers are positioned as integral to AI data centers that run the microchips and processors powering AI models and applications.

Stock movement and consensus framing

The Evercore note preceded a 4% rise in Dell shares, as reported on September 9. Across Wall Street, 21 analysts carry a consensus Moderate Buy rating on Dell, split between 14 Buy and seven Hold recommendations issued in the prior three months, with an average price target of $586.16 implying roughly 14% upside.

Reading the gap between Evercore and the Street

Evercore's $650 target stands above the broader analyst average of $586.16, a gap that reflects Daryanani's top-five-star track record and 71% success rate, as cited in coverage. The divergence underscores how one bullish thesis built around AI infrastructure spending can pull ahead of a more measured consensus even after a 331% year-to-date rally.

What to watch next

The next verifiable checkpoint is Dell's upcoming financial results, which coverage flagged as the catalyst behind the recent share-price surge, alongside any further quarterly read on AI server demand and neocloud deployment pacing.