Dell: $95 Billion AI Backlog, But Wait For A Further Pullback

What happened: An analyst initiated coverage of Dell Technologies (NYSE:DELL) with a Hold rating, citing AI-driven growth but shares that look fully valued versus peers and historical multiples. Key numbers: $95 billion AI server backlog; FY27 revenue guided up 70% year-on-year; a 10% price decline would make DELL more attractive for new entries. Why it matters: The analyst expects margins to peak this year before normalizing, and cites supply constraints, financing risks, and competitive dynamics as factors tempering upside.

An analyst initiated coverage of Dell Technologies (NYSE:DELL) with a Hold rating, citing AI-driven growth but shares that look fully valued versus peers and historical multiples.

The analyst expects margins to peak this year before normalizing, and cites supply constraints, financing risks, and competitive dynamics as factors tempering upside.