Goldman Sachs has raised its price target for Dell Technologies from $500 to $510, while maintaining a Buy rating, citing growing demand for infrastructure driven by the expansion of Agentic AI. The revised target represents roughly 14% upside from Dell’s closing price on August 12.
The investment bank believes the increasing deployment of AI agents across enterprise operations will create additional demand for high-performance storage, as autonomous AI systems require access to growing volumes of enterprise data.
Dell’s recent results reinforce the trend. In its fiscal first quarter, revenue jumped 88% to $43.8 billion, while earnings per share more than tripled to $4.86. The company recorded $24.4 billion in AI orders during the quarter and ended the period with a record $51.3 billion AI server backlog.
Goldman Sachs expects the momentum to continue, raising its fiscal 2027–2029 earnings estimates for Dell by an average of 4%, driven by stronger demand for both AI and traditional servers.
The development highlights a broader shift in the AI infrastructure market. As enterprises move from generative AI experimentation toward Agentic AI, demand is expanding beyond GPUs to include servers, storage, networking and other data-center infrastructure.
Dell has also unveiled its PowerEdge XE8812 server, based on NVIDIA’s Vera Rubin architecture, further expanding its AI infrastructure portfolio.
Key takeaway: The growing adoption of Agentic AI could become an important driver for the broader enterprise infrastructure market, as AI agents require not only computing power but also fast access to large volumes of trusted enterprise data.
