Dell Stock Hits Record Highs — Earnings Could Test Them Thursday

TLDR

• Dell reports Q1 FY27 earnings after the close on Thursday, May 28
• Options traders expect a move of up to ~11.75% in either direction post-earnings
• Revenue is projected to surge ~50% year-over-year to around $35–$36 billion
• DELL stock is up roughly 136% year-to-date and recently hit a record high near $298
• Analyst targets range widely — from $170 (Morgan Stanley Sell) to $270+ (Evercore, Wells Fargo, JPMorgan Buy)

Dell Technologies is set to report Q1 FY27 earnings after the market closes on Thursday, May 28. The stock has been on a tear, up roughly 136% year-to-date and trading near an all-time high around $295.

Dell Technologies Inc., DELL

On May 22 alone, DELL jumped 17% following a wave of bullish analyst price target hikes. That single-day move caught a lot of attention.

Options traders are pricing in a swing of about 10–11.75% in either direction following the earnings print. That’s well above DELL’s average post-earnings move of 4.61% over the past four quarters.

A 10% move from Friday’s record close could push the stock toward $326 — or pull it back below $265.

Revenue and earnings expectations are high. Wall Street is projecting Q1 revenue of roughly $35–$36 billion, which would be a year-over-year jump of more than 50%. Adjusted EPS is expected to come in around $2.91–$2.97, nearly double the $1.55 reported in the same quarter last year.

The AI server business is the main story. Dell entered the fiscal year with a reported $43 billion AI server backlog, and analysts are watching closely to see if that momentum has continued.

What the Bulls Are Saying

Evercore analyst Amit Daryanani reiterated a Buy rating with a $270 price target and added DELL to his firm’s Tactical Outperform list. He sees potential for Dell to beat both revenue and EPS estimates, driven by strong hardware demand across AI servers, networking, and storage.

Daryanani also flagged upside to Dell’s full-year AI server revenue target of $50 billion. He pointed to CoreWeave raising capex and nScale ramping as a new Dell customer as demand drivers.

Wells Fargo raised its target to $270 from $180. JPMorgan went to $280 from $205. Bank of America also wrote that Dell could top Q1 estimates and raise its full-year sales outlook, citing “substantial” demand for both PCs and AI servers.

Evercore sees a real possibility that Dell raises its FY27 guidance of $140 billion in revenue and $12.90 EPS. Near-term PC demand also looks solid, supported by enterprise pre-buying and higher average selling prices.

The Bear Case

Not everyone is on board. Morgan Stanley analyst Erik Woodring raised his price target to $170 from $110 — but kept a Sell rating.

Woodring expects a beat-and-raise quarter, driven by enterprise pull-forward buying and AI server momentum. His concern is valuation. DELL now trades at an all-time premium to peers in the AI infrastructure space, and there’s uncertainty about the back half of the year.

At $295, the stock is 181% above its 52-week low of $105. The nearest resistance sits at the $298 all-time high. Support is at $227 — about 23% below current levels.

Wall Street’s overall consensus is Moderate Buy, based on 12 Buys, 4 Holds, and 1 Sell. The average price target sits at $228.87, which is now well below where the stock is actually trading.

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