Mizuho Hikes Dell Price Target to $300 as Agentic AI Server Demand Powers the Bull Case

"Mizuho raised its price target on Dell Technologies to $300 from $260, maintaining an Outperform rating and pointing to agentic AI workloads as a durable driver of server demand. The price target raise to $300 lands as part of a broader semiconductor and AI infrastructure estimate hike following the March quarter earnings season. For long-term investors, the call sharpens an active debate over how much of Dell's AI story is already in the stock."

"Mizuho's thesis hinges on the shift from research-stage AI to production deployments, where agentic AI workloads run continuously rather than in bursts. That pattern translates into sustained, recurring demand for AI-optimized servers, where Dell's PowerEdge platform integrates silicon from NVIDIA, AMD, and Intel. The data behind the call is striking. Dell booked $64 billion in AI server orders across FY26 and entered FY27 with a $43 billion backlog."

"Management guided FY27 AI-optimized server revenue to roughly $50 billion, up 103% year over year. In Q4 FY2026, total revenue reached $33.38 billion, up 40% YoY, while AI-optimized server revenue jumped 342% YoY to $8.95 billion. Profitability followed. Non-GAAP EPS came in at $3.89, and free cash flow hit $3.95 billion."

"The valuation tension is the story. Mizuho and UBS are reading the same fundamentals and "

Mizuho raised its Dell Technologies price target to $300 from $260 while keeping an Outperform rating. The update ties to expectations that agentic AI workloads move from research to continuous production deployments, creating sustained demand for AI-optimized servers. Dell’s PowerEdge platform is positioned to integrate NVIDIA, AMD, and Intel silicon. Dell reported $64 billion in AI server orders across FY26 and entered FY27 with a $43 billion backlog, with FY27 AI-optimized server revenue guidance around $50 billion, up 103% year over year. Recent results showed Q4 FY2026 total revenue of $33.38 billion, AI-optimized server revenue up 342% year over year to $8.95 billion, non-GAAP EPS of $3.89, and free cash flow of $3.95 billion.

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