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Dell stock jumps on RBC initiation, now up nearly 350% in 2026

2026-09-11 | original

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Why This Matters

Dell's stock has quadrupled in 2026 as the legacy PC maker reinvents itself as one of the biggest suppliers of Nvidia-based AI servers, showing how AI infrastructure demand is reshaping the fortunes of established hardware vendors. RBC's outperform initiation with a $640 target reflects Wall Street's conviction that this is a multi-year spending cycle, not a blip. A $95 billion unfilled server backlog suggests the demand pipeline extends well beyond current quarters.

Key Takeaways

RBC initiated Dell at outperform with a $640 price target, sending shares up 10% Friday; the stock is up nearly 350% in 2026.
Dell holds a $95 billion server order backlog and sold roughly $16.4 billion of AI servers in Q2.
Dell raised full-year guidance to $192 billion in sales, which would be nearly 70% growth year over year.

Worth a Look

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Dell Technologies Inc. signage on the floor of the New York Stock Exchange (NYSE) in New York, US, on Wednesday, Aug. 12, 2026.

Dell Technologies stock rose 10% during trading on Friday after RBC Capital Markets initiated coverage of the computer maker and gave it an outperform rating and a price target of $640.

Friday's rise comes as Dell shares have more than quadrupled so far in 2026, as the longtime PC maker has emerged as one of the top vendors for Nvidia -based servers and related equipment that cloud companies and enterprises are snapping up for artificial intelligence.

"With no signs of slowing, we believe DELL continues to be well positioned to benefit from a multi-year AI infrastructure spending cycle," RBC analyst David Paige wrote in the note on Thursday.

Dell has $95 billion in sales in its server order backlog that it hasn't yet started to fill, and it sold about $16.4 billion of AI servers in its second quarter, RBC said.

Dell reported second-quarter earnings earlier this month that surpassed estimates and the company upped its fiscal full-year forecast to $192 billion, which would be a nearly 70% increase in sales over last year.

Explore topics: dell technologies rbc capital markets nvidia ai servers nyse