Dell Technologies’ Stock Skyrockets to Record High Following RBC’s $640 Target
Dell Technologies (NASDAQ: DELL) shares experienced a significant surge, peaking at a 12% increase to a record high of over $567 on Friday, September 12. This surge was a result of RBC Capital Markets initiating coverage of the tech giant with an Outperform rating and a $640 price target, marking yet another impressive milestone in the stock’s extraordinary year.
Currently, Dell shares have risen by almost 350% in 2026, positioning it as one of the top-performing large-cap stocks of the year. The company has successfully transitioned from being a traditional PC manufacturer to a leading player in the AI infrastructure sector. It has emerged as one of the primary vendors of Nvidia-based servers and data center hardware. RBC analyst David Paige based his optimistic outlook on a staggering figure: Dell has a $95 billion backlog in AI server orders that it has yet to fulfill.
In its most recent quarter alone, Dell sold approximately $16.4 billion in AI servers. Its Infrastructure Solutions Group revenue experienced an 89% year-over-year surge to $31.8 billion. Additionally, storage revenue also saw a 26% increase. The company has raised its full-year fiscal 2027 revenue forecast to $192 billion, which would represent a nearly 70% increase compared to the previous year.
Furthermore, Dell is set to join the S&P 100 index in September 2026, which will further solidify its blue-chip status. RBC’s $640 target suggests an additional 14% upside from Friday’s levels, indicating that Wall Street believes there is still significant potential for growth in the AI spending cycle.
Source: CNBC – September 11, 2026