Dell Technologies(NYSE:DELL) could see its shares be volatile this week, with the company on deck to report first-quarter financial results Thursday after market close.
Here are the earnings estimates, what analysts are saying ahead of the results and the key items to watch.
Dell Q1 Earnings Estimates
Analysts expect Dell to report first-quarter revenue of $35.71 billion, up from $23.38 billion in last year’s first quarter, according to data Pro.
The company has beaten analyst estimates for revenue in seven of the last 10 quarters, including the most recently reported fourth quarter.
Analysts expect Dell to report first-quarter earnings per share of $2.93, up from $1.55 in last year’s first quarter.
The company has beaten analyst estimates for earnings per share in 9 of the last 10 quarters overall, including three straight quarters.
What Dell Analysts Are Saying
Analysts have raised their price targets on Dell ahead of quarterly results, but will need to continue adjusting as the stock price is now above the most bullish analyst’s target.
Bank of America Securities analyst Wamsi Mohan reiterated a Buy rating on Dell and raised the price target from $246 to $280 ahead of earnings.
The analyst expects guidance to come in above estimates, with expectations strong for AI servers.
Strong demand for AI servers is likely to continue into the second half of the year, Mohan estimates. The analyst estimates AI server revenue of $15 billion in the first quarter, with orders hitting $20 billion in the quarter.
Mohan sees Dell’s backlog reaching $49 billion this quarter.
Here are other analyst ratings on Dell stock and their price targets:
- Wells Fargo: Maintained Overweight rating, raised price target from $180 to $270
- Morgan Stanley: Maintained Underweight rating, raised price target from $110 to $170
- Citi: Maintained Buy rating, raised price target from $235 to $290
- Mizuho: Maintained Outperform rating, raised price target from $260 to $300
Key Items to Watch
Dell was one of several companies that received a shout-out from President Donald Trump and was also among the stocks the president bought in the first quarter of 2026.
At a May White House event, Trump praised Dell founder Michael Dell and his family, who have supported the Trump Accounts and have been supportive of the president.
“So go out and buy a Dell. They’re great,” Trump said.
It’s not every company that receives a buy recommendation from the president on its products publicly. The recommendation from Trump may have helped boost the stock. While anyone who went out and bought a Dell product would see their contribution hit the next quarter, the boost from Trump could factor into second-quarter guidance.
In the fourth quarter, Dell reported revenue that beat analyst estimates along with full-year record revenue and record full-year earnings per share.
The company put a strong emphasis on the “AI opportunity” to transform the company in the fourth-quarter earnings call.
“We closed more than $64 billion in AI-optimized server orders, shipped more than $25 billion throughout the year and are entering FY27 with a record backlog of $43 billion,” Dell COO Jeff Clarke said.
Dell’s full-year guidance for revenue and earnings per share came in ahead of estimates. Analysts and investors will be watching to see if guidance is raised or reiterated after first-quarter results.
Dell Stock Price Action
Dell stock is up 0.9% to $307.87 on Wednesday. Shares hit an all-time high of $312.14 during Wednesday’s trading session.
Dell stock is up 42% over the last month and is up 140.9% year-to-date in 2026.
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