Morgan Stanley raised the firm’s price target on Dell Technologies (DELL) to $154 from $136 and keeps an Overweight rating on the shares. AI server momentum “remains strong,” says the analyst, who notes that the firm’s recent checks point to about $20B of AI server revenue in FY26, which is 56% higher than the firm’s prior forecast. The firm, which now forecasts $110B of revenue and $10.50 of EPS in FY26 for Dell, or 5% and 12% above the Street views, respectively, adds that these forecasts “don’t explicitly assume SMCI share gains.” In a $40B FY26 AI server “bull case,” the firm assumes Dell takes one-third of Supermicro (SMCI) Systems business via competitive wins, the analyst added.
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