TD Cowen raised its price target for Dell Technologies to $550 from $500, citing a $95 billion backlog for artificial intelligence servers. Major cloud customers account for much of the backlog, which the firm said provides significant visibility into future revenue.
TD Cowen maintained its Hold rating despite strong AI-driven demand. The firm warned that memory supply could constrain Dell’s ability to fulfill orders in 2027, echoing the company’s comments about supply chain challenges amid surging demand.