# Prediction: Dell Stock Will Trade at $600 on This Date > Source: > Published: 2026-08-26 13:00:49+00:00 **Dell Technologies** ([NYSE:DELL](https://247wallst.com/companies/DELL/) | [DELL Price Prediction](https://247wallst.com/companies/dell/price-prediction)) has quietly become one of the most explosive [AI infrastructure trades](https://247wallst.com/investing/2026/08/04/dell-and-super-micro-rally-10-hewlett-packard-enterprise-climbs-6-as-ai-server-stocks-surge/) of the year. Shares are up 262% year to date, and the [AI server business](https://247wallst.com/investing/2026/07/10/billionaire-tech-ceo-our-25-billion-backlog-shows-the-demand-is-booked-as-weve-never-seen-a-buildout-like-this-since-the-great-wall-of-china/) just did $16.132 billion in a single quarter. Yet at $451.50, the stock still trades below the analyst consensus target. Can DELL hit $600 by 2027? Here is what has to happen. ## Why DELL Cooled Off After a Historic Run DELL is off 3.66% over the past week and sits roughly 1% below its 52-week high of $514. After such a run, profit-taking was inevitable. Two factors weigh on sentiment. First, gross margin compressed to 17.8% last quarter from 21.1% a year ago as AI server mix crowds out higher-margin storage revenue. Second, with a beta of 1.401, DELL trades like a leveraged bet on [AI capex](https://247wallst.com/investing/2026/08/22/ais-absurd-spending-boom-hyperscalers-are-spending-102-of-cloud-revenue-on-capex/), and every whisper about [memory pricing](https://247wallst.com/investing/2026/07/19/ai-is-keeping-dram-prices-high-heres-exactly-when-the-market-finally-loosens-up/) or hyperscaler pauses hits hard. This volatile name has already gained 249.05% in twelve months. ## Wall Street Sees 12.7% Upside. My Model Says 16.6% The Street is cautiously bullish. The consensus analyst target sits at $508.96, backed by 5 strong buys, 14 buys, and 8 holds, with zero sell ratings. Our internal model projects a one-year base case of $526.57 and a bull case of $553.89, with a confidence score of 0.9. [ Analyst bullishness sits at 70%](https://247wallst.com/investing/2026/08/12/dells-ai-server-boom-is-just-getting-started-757-growth-and-a-60-billion-target/), and earnings growth contribution came in at 2.825, reflecting an EPS trajectory most sell-side models have not caught up to. The Street anchors on FY26 numbers. That is the mistake. ## Path to $600 Per Share Reaching $600 from today’s price of $451.50 would require a gain of 32.9%. With forward EPS of $18.20, a price of $600 implies a forward P/E of 33x. Our base case of $526.57 already implies 33x, meaning $600 requires essentially no additional multiple expansion beyond what our model builds in. The lift comes from EPS. Dell guided FY27 non-GAAP EPS to $17.90 at the midpoint, but that guide was raised by $5 in a single quarter. AI orders totaled $24.4 billion in Q1, backlog exited at $51.3 billion, and the customer base grew over 50% in the last six months. COO Jeff Clark put it plainly: “[demand is not slowing but accelerating and meaningfully outpacing supply.”](https://247wallst.com/investing/2026/08/18/the-best-ai-trade-of-2026-isnt-a-chip-stock/) If Dell prints EPS closer to $20 into FY28 on continued backlog conversion, the $600 handle follows naturally. The risk: memory and CPU supply constraints slip guidance out a quarter, breaking momentum. ## Where DELL Trades Today vs Its Earnings Power At $451.50, DELL trades at roughly 25x forward earnings. That is a premium to Dell’s historical multiple but well below AI-adjacent peers, against [a stock that has returned 865.3% over five years](https://247wallst.com/investing/2026/08/12/dells-ai-server-boom-is-just-getting-started-757-growth-and-a-60-billion-target/). Shares sit near the 52-week high of $514, far from the low of $109.70. With FY27 revenue guided to $167 billion at the midpoint and AI server revenue at $60 billion, the multiple looks reasonable relative to growth trajectory. ## Is $600 Realistic? My Verdict Getting to $600 requires a 32.9% gain. It is a stretch for the next twelve months but reachable on a longer timeline. Three things need to go right: AI backlog must keep converting, memory and CPU supply must loosen enough to protect margin, and Dell needs at least one more raised guide to force sell-side upgrades. A broad [AI capex pause from hyperscalers](https://247wallst.com/investing/2026/06/11/wall-streets-800-billion-ai-data-center-bet-is-showing-cracks-only-84-of-157-gigawatts-will-be-built-by-2030/) derails it. Dell is one way to play the data-center buildout, but the power, cooling, and networking suppliers behind it are another set worth knowing (we profiled seven of them in a [free AI infrastructure report](https://247wallst.com/pages/ai-power-seven-offer-d905ec99.html)). We’ve outlined the blueprint for how Dell Technologies could reach $600 in 2027. *Contact [email protected] for any questions or corrections.*