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RBC Initiates Dell With Outperform on AI Infrastructure Upside

Sep 11, 2026, 2:31 PM EDT1 sourcesAI-analyzed

Why it may matterVerify against the original reporting

The stock jumped about 10% on the coverage initiation, signaling near-term upside potential tied to AI demand catalysts and the prospect of multiple expansion as backlog execution progresses.

AI summary

What happened, with direct paths to the underlying reporting

RBC's Outperform rating and $640 target on Dell underscore a favorable view of AI infrastructure demand, highlighted by a $95B unfilled server backlog and $16.4B in Q2 AI servers. Dell's Nvidia GPU ties and robust supply chain support its AI-infra stack, with full-year guidance raised to $192B. If AI demand sustains, Dell could see continued earnings upside and multiple expansion over the coming years.

RBC starts coverage on Dell with Outperform and a $640 target.
Dell stock rose ~10% on Friday after the note.
Backlog tops $95B; Dell has strong Nvidia GPU ties supporting AI demand.
Q2 AI servers sales were about $16.4B; full-year revenue guidance raised to $192B.
Dell's supply chain moat and AI infra offering cited by RBC.

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