Here's Why Dell Stock Could Rally Another 30%
Upside in AI servers, a PC recovery and strong capital return could drive Dell stock higher, BofA says. Here's what you need to know.


Dell Technologies (DELL) is one of the best-performing tech stocks in 2024, boasting a total return (price change plus dividends) of nearly 74% for the year to date through the June 12 close. This upside hasn't gone unnoticed by Wall Street pros and one group in particular thinks DELL can rally another 30% from here.
In late May, BofA Securities upped its price target on Dell stock to $180 from $130, citing strong momentum into 2025 on improving demand for the company's artificial intelligence (AI) servers and high-end storage, as well as a recovery in personal computers (PCs). BofA reiterated its price target and its Buy rating on Dell in a June 13 note.
"We see the setup into 2025 as attractive as all areas of DELL's business could be strong in unison," BofA analysts wrote in a note to clients. "We expect positive revenue and earnings per share revisions driven by the potential of strong growth in AI servers, upside from PCs and from a refreshed storage portfolio plus attach of high margin storage to a new IBM Mainframe in 2025."
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
BofA's $180 price target for the tech stock represents implied upside of just over 33% to current levels.
Most analysts think Dell stock is a Buy
BofA isn't the only firm with a bullish view on the outperforming AI stock. Of the 23 analysts following Dell tracked by S&P Global Market Intelligence, 13 say it's a Strong Buy, six call it a Buy, two have it at Hold and two say it's a Sell or Strong Sell. This works out to a consensus Buy recommendation.
Argus Research and CFRA Research are among those with Buy ratings on Dell and price targets of $150 and $176, respectively.
"Following a down year in fiscal 2024, Dell appears well-positioned for growth and margin expansion as markets normalize over the course of the January 2025 fiscal year," Argus Research analysts Jim Kelleher and Andrew Lesko wrote in a June 4 note. "For the longer term, and particularly as the AI server and AI PC markets gain momentum, we believe Dell is poised for outperformance and continued share gains."
"The commercial PC environment showed improvement exiting the quarter, reinforcing our bullish thesis around the coming multi-year refresh cycle catalyzed by Windows 11 migration and AI's transformative impact," CFRA Research analyst Shreya Gheewala said in a May 31 note following Dell's Q1 earnings beat.
Related Content
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

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.
-
The 'Vinyl Rule' of Retirement: Plan for Two Sides in Your Next Act
Because “Life is what happens when you’re busy making other plans.”
-
Five Destinations for Active and Chill Travelers Alike
Whether you reach for a paddleboard or a lounge chair, find your groove in a location that offers something for both kinds of travelers.
-
I'm a Financial Planner: Here Are Five Phases of Retirement Planning You Have to Get Right
A solid retirement plan is a must, but you can't go halfway. Neglecting just one area of your plan could cause the whole thing to collapse.
-
An IRS Enrolled Agent's Top 10 Reasons to Stop Doing Your Own Taxes
Taxes can get complicated quickly, and the more money you have, the tougher they tend to be. So, if you have any of these 10 tax situations, don't risk it.
-
Stocks Slip as Job Growth Stalls: Stock Market Today
The August jobs report came in much weaker than expected, while the unemployment rate ticked higher.
-
Dismal August Jobs Report Offers Rate-Cut Relief: What the Experts Are Saying
The August jobs report came in much lower than expected, lifting the odds that several rate cuts will come through by year's end.
-
Greed, Fear and Market Volatility: A Financial Adviser's Guide to Keeping Emotions Out of Investment Decisions
Don't panic! And don't be so confident in the stock market that you overlook risk. Instead, be logical. Your retirement security could depend on it.
-
Want a Financial Adviser Who Shares Your Faith? Look for One With a CKA Designation
Financial professionals with a Certified Kingdom Advisor certification are committed to integrating biblical principles with sound financial advice.
-
S&P 500 Hits New High on Jobs Friday Eve: Stock Market Today
The S&P 500 hit a new all-time closing high and most of the stocks in the Dow Jones Industrial Average were up the day before a critical jobs report.
-
SPACs, SMRs and How to Invest in the Nuclear Insurgency
Big nuclear deployments are in process, but small modular reactors could be a better way to meet rapidly rising electric power demand.