Dell Stock: Wall Street Sees More Upside After Earnings
Dell stock is higher Friday after the PC maker beat Q2 expectations, but analysts think there's more room to run. Here's what you need to know.


Dell Technologies (DELL) stock is set to end the week on a positive note, trading higher Friday after the computer maker beat top- and bottom-line estimates for its second quarter and provided a strong outlook for the third quarter and full fiscal year.
In the three months ended August 2, Dell's revenue increased 9.1% year-over-year to $25 billion, driven by an 80% spike in servers and networking revenue to a record $7.7 billion. Its earnings per share (EPS) increased 8.6% from the year-ago period to $1.89.
"We executed well in Q2, and I'm really proud of our team and our performance," said Dell Chief Operating Officer Jeff Clarke on the company's conference call. "Our AI momentum accelerated in Q2 and our results and outlook demonstrate that we are uniquely positioned to help customers leverage the benefits of artificial intelligence."
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The results came in ahead of analysts' expectations. Wall Street was anticipating revenue of $24.5 billion and earnings of $1.71 per share, according to Yahoo Finance.
On the conference call, Dell said it anticipates full-year revenue in the range of $95.5 billion to $98.5 billion and earnings of $7.80 per share, plus or minus 25 cents. Analysts are forecasting revenue of $96.3 billion and earnings of $7.70 per share.
For the third quarter, Dell expects revenue to arrive between $24 billion to $25 billion and earnings of $2 per share, give or take 10 cents. Analysts are guiding for revenue of $24.6 billion and earnings of $2.20 per share.
Is Dell stock a buy, sell or hold?
The tech stock has had a great run so far in 2024, rising nearly 50% year to date and outperforming the broader market. Even after the significant rally, analysts think Dell stock has more room to run.
According to S&P Global Market Intelligence, the consensus analyst target price for the blue chip stock is $152.17, representing implied upside of more than 30% to current levels. Meanwhile, the consensus recommendation is a Buy.
Financial services firm UBS Global Research maintained its Outperform rating (equivalent to a Buy) on DELL stock but lowered its price target to $158 from $164 following the earnings release.
AI server demand strength and strong infrastructure solutions group (ISG) margins should help drive multiple expansion, says UBS analyst David Vogt.
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Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.
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