JPMorgan Boosts Dell Price Target to $165 on Record AI Orders
JPMorgan raises Dell price target to $165 from $155 after record fiscal 2026 AI backlog of $43 billion and total AI orders of $64.1 billion. Dell booked $34.1 billion in Q4 AI orders, shipped $9.5 billion in AI servers and hiked its dividend 20% to $2.52 while authorizing a $10 billion buyback.
1. JPMorgan Raises Price Target
JPMorgan increased its price target on Dell from $155 to $165 while maintaining an Overweight rating, citing the company's strong positioning in the AI-driven compute cycle and projected double-digit earnings growth from its Infrastructure Solutions Group.
2. Record AI Orders and Backlog
Dell closed fiscal 2026 with a record $43 billion in AI server backlog and $64.1 billion in total AI orders, including $34.1 billion booked in Q4. The company shipped $9.5 billion in AI servers during the quarter, generating $9 billion in AI server revenue.
3. Shareholder Returns and Dividend Hike
Dell generated $11 billion in cash flow against $1.3 billion in dividend payouts, returned $7.5 billion via dividends and share repurchases, repurchasing 54 million shares. The board approved a 20% dividend increase to $2.52 per share and a new $10 billion buyback authorization.