Evercore ISI Raises $DELL PT to $270 from $240 - Outperform Analyst comments: "We’re attending Dell World this week, DELL’s annual user conference in Las Vegas, NV. The conference kicked off this morning with a keynote from Founder and CEO Michael Dell that featured several guest speakers, including NVIDIA CEO Jensen Huang. The keynote combined new product, model, and partnership announcements with enterprise customer testimonials from Eli Lilly’s CIO and Honeywell’s CTO, positioning DELL’s AI Factory as the infrastructure foundation for enterprises moving from AI experimentation to production-scale agentic AI and inference. Notably, DELL disclosed that the Dell AI Factory now serves more than 5,000 customers, up from ~4,000 post the January-quarter print and ~3,000 at Dell World 2025. Michael Dell added that DELL continues to be the enterprise one-stop shop for all things AI, given DELL’s engineering prowess and ability to deliver “hundreds of AI racks a week” to a given customer, with systems up and running in hours and creating immediate, ROI-generating outcomes. This was reinforced by the PowerEdge XE9812 launch, which adds a turnkey, rack-scale platform to DELL’s AI portfolio, built on NVIDIA Vera Rubin NVL72 for next-generation agentic AI and inference workloads, offering 10x lower cost per token versus Blackwell for agentic AI inferencing. According to DELL’s own survey, 67% of AI workloads are already running outside the public cloud, and 88% of respondents are running at least one AI workload on-premise. Net/net: We continue to view enterprise AI adoption as the next leg of growth for DELL’s ISG segment. DELL remains well-positioned to monetize the enterprise leg of the AI infrastructure build, with deepening NVIDIA co-engineering, broadened model partnerships — Google, OpenAI, xAI, Palantir, and Reflection — and a new deskside agentic AI category extending the AI Factory franchise from rack to desktop." Analyst: Amit Daryanani