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On multiple occasions this year, President Donald Trump has publicly shown his support for Dell Technologies (NYSE: DELL), telling Americans to “go out and buy a Dell computer” as recently as July 6.

In doing so, he has shone a light on one of the best-performing stocks over the past year.

Since its multi-year low on April 4, 2025, in the wake of the market’s tariff tantrum, shares have gained more than 490%.

Founder and CEO Michael Dell and his wife Susan are also vocal supporters of the president. They have personally pledged $6.25 billion to help fund Trump Accounts—the administration’s tax-advantaged investment plans for children under 18 that provide $1,000 in government funding for babies born between 2025 and 2028.

But Trump isn’t just a fan of the stock. According to his 927-page financial disclosure filed with the U.S. Office of Government Ethics on June 30, he is a shareholder as well. That position has panned out well for the president and investors broadly, punctuated most recently by Dell’s blowout Q2 2027 earnings, which it reported on Sept. 1 after the close.

Dell Reports a Big, Beautiful Q2 Earnings Blowout

The 42-year-old company is perhaps best known for its laptop and desktop computers, which were popularized by a series of highly successful commercials in the early 2000s.

But as a multinational tech conglomerate, Dell also designs, manufactures, and sells a broad range of IT products and services, including enterprise software, cloud infrastructure, and managed financial solutions.

Dell is also a government contractor. Trump’s stake, which reportedly grew to $1 million to $5 million in February and March, preceded the company being awarded a five-year, $9.7 billion contract on May 28 to provide software consolidation and cloud services across the military, intelligence community, and the Coast Guard.

Q2 2027 revenue came in at a record $46.97 billion, surpassing the consensus estimate of $44.89 billion, good for a 58% year-over-year (YOY) increase. But earnings per share (EPS) was the headline-grabber. An EPS of $7.04, up more than 200% YOY, easily surpassed analyst expectations for $4.91. The earnings beat marked the company’s 10th in the past 11 quarters.

Additional highlights included:

• AI server revenue of $16.4 billion and a growing backlog of $95 billion

• Full-year guidance for AI server revenue of $74 billion

• Traditional server and networking revenue growth of 122%

• Storage growth  of 26% YOY with record demand growth in Dell-IP

• $2.2 billion in cash flow from operations and a record $4.3 billion shareholder return through dividends and stock buybacks

 

As a result, Dell raised its full-year revenue guidance by $25 billion to a range of $192 billion to $2 billion, and raised EPS guidance to $25.50 at the midpoint.

In his earnings call comments, COO Jeff Clarke said Dell’s broad portfolio, global reach, and customer relationships are helping drive demand across compute, networking, storage, and PCs as the company’s addressable market expands.

Post-Earnings Price Target Hikes Reinforce Wall Street’s Bullish View

Analysts largely anticipated the company’s strong showing in its Q2 2027.

On May 30, Wall Street Zen raised Dell from a Buy rating to a Strong Buy rating, and on June 1, Goldman Sachs analysts boosted their target price on Dell from $230 to $500 while giving the stock a Buy rating. More recently, Bank of America raised its price target on Dell from $505 to $600 on Aug. 31 while maintaining a Buy rating.

Following Dell’s Sept. 1 earnings report release, JPMorgan raised its target from $565 to $635 and maintained an Overweight rating, while UBS, TD Cowen, and Morgan Stanley lifted their targets to $500, $500, and $499, respectively.

Overall, Dell carries a Moderate Buy rating. Based on 34 analysts covering the stock, its average 12-month price target suggests over 11% additional upside from current prices.

Institutional Buying Supports Analysts’ Bull Thesis

In addition to bullish price targets and strong ratings from Wall Street, institutional owners are backing up the investment case. Over the past year, 1,031 institutional buyers have injected $92.48 billion into Dell, easily trumping the 602 sellers’ outflows, which totaled just over $3 billion.

Meanwhile, short interest has recently tapered off. Currently, just 3.7% of the float—or $6.89 billion worth of shares—is sold short, marking a notable improvement over the multi-year high of nearly $8 billion shorted on May 29.

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