The company faces a high bar heading into its upcoming report, but analysts think it can still exceed expectations

Dell's stock has been a big winner in 2026.

Expectations are high heading into Dell Technologies' earnings report next week, but an Evercore ISI analyst says the company should be able to clear Wall Street's bar and send its stock even higher.

Dell shares $(DELL)$ have climbed 235% this year, and earnings could prove a further catalyst, according to Evercore's Amit Daryanani. On Sunday, he opened a tactical outperform call on the stock. That's a bullish call specifically tied to a short-term event.

He said he expects the company to beat earnings expectations and raise its outlook for the 2027 fiscal year when Dell reports results on Sept. 1. Wall Street currently expects more than 50% revenue growth for the fiscal year, but Daryanani thinks estimates will move higher from there, he said.

The bar is "high but achievable" for the company, he wrote.

One key debate is over whether the company will raise its server target. Daryanani said he expects top-line growth to be driven by that segment along with storage, which, he wrote, is the company's "highest return asset."

He further noted that CoreWeave (CRWV) and SpaceX $(SPCX)$, two of Dell's largest customers, reported increased capital expenditures, a promising sign for Dell.

That said, Daryanani believes Dell still faces some risk from a potential slowdown in information-technology spending, competition from other vendors and the company's debt balance, which could limit its financial wiggle room, her said.

Expectations are broadly elevated for hardware providers, according to Morgan Stanley analyst Erik Woodring. That "more challenging setup" relates to how these companies have come to be viewed as "winners" in artificial intelligence, rather than victims of high memory prices.

He covers original equipment manufacturers and noted that, within his universe, which includes Hewlett Packard Enterprise $(HPE)$, HP $(HPQ)$, NetApp $(NTAP)$ and Everpure (P), earnings-per-share estimates have moved 23% higher in the last 90 days.

He wrote that Dell faces a particularly tough setup, given a beat and raise is already the "clear-cut" expectation for the company. Yet he believes Dell's traditional infrastructure and AI server businesses will drive upside.

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-Hannah Pedone