On September 3, Dell Technologies Inc. rose 3.23% in regular trading, trading at $507.985/share with turnover of $20.68 billion, extending post-earnings momentum.

The rally follows Dell's fiscal Q2 results released earlier this week. Revenue reached $46.971 billion, up 58% year-over-year, surpassing the consensus estimate of approximately $44.9 billion. Non-GAAP EPS came in at $7.04, up 203% YoY, beating expectations by 43%. AI-optimized server revenue hit $16.4 billion, doubling year-over-year, with backlog orders reaching $95 billion. Full-year revenue guidance was raised from approximately $167 billion to $192 billion, well above the Street estimate of $174 billion, while full-year non-GAAP EPS guidance was lifted to $25.50 versus the prior consensus of $19.10. The company also noted its full-year operating expense ratio is projected at approximately 8% of revenue, a 42-year company low.

BofA raised its price target to $600 maintaining a Buy rating, while Goldman Sachs lifted its target to $570. However, UBS flagged uncertainty around fiscal 2028 growth, noting the market may view the AI-driven cycle as potentially cyclical rather than secular.

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