Dell Technologies' stock rose 22% after the company surpassed fourth-quarter expectations and delivered guidance that left analysts scrambling to revise their models. JPMorgan has increased its Dell stock price target to $165 from $155, citing the company's strong performance in its Infrastructure Solutions Group (ISG). The investment bank sees stronger-than-expected growth in ISG, led by a booming compute investment cycle. This puts Dell on a path towards double-digit earnings growth, despite challenges in its PC and general-purpose server businesses. JPMorgan also sees upside in Dell’s valuation due to its deep exposure to AI infrastructure spending. The company closed fiscal 2026 with $43 billion in AI server backlog, a record, and $64.1 billion in total AI orders for the year.