Computer maker's stock could climb more than 15% on boost from AI, Daiwa says

Artificial intelligence benefits are already playing out after a second-quarter earnings beat and will extend into 2024, according to Daiwa.

Investors should be eyeing Dell as the company's macro outlook improves and an artificial intelligence opportunity grows, according to Daiwa Capital Markets. The firm upgraded the computer stock to outperform from market perform in a Monday note, and hiked its price target to $80 per share from $50. Daiwa's forecast implies nearly 16% upside from Monday's $69.15 close. Dell stock has climbed nearly 72% from the start of the year.

mountain Dell stock has climbed 72% from the start of the year. Analyst Louis Miscioscia says exceptional artificial intelligence demand will continue to underpin Dell's growth. He noted that the company already has a backlog for AI solutions, including its PowerEdge 9680 server, that extends into 2024. "It is very encouraging that Dell is seeing material demand now for their AI solutions, specifically their PowerEdge 9680," Miscioscia said.

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