2026wrz
DELL Sep 2026 · Sell
We issue a Sell rating on Dell Technologies Inc. (DELL) with a fair value estimate of $284.87 per share, implying 47.2% downside from the share price of $539.59 as of September 29, 2026. While Dell's Infrastructure Solutions Group is experiencing explosive demand for AI servers—guiding FY2027 revenue to $192B backed by a record $95B backlog —the stock's 89.4% premium to intrinsic value prices in flawless multi-year execution. A forward P/E multiple of 21.32x leaves no margin of safety against acute memory component inflation, massive working capital reinvestment requirements, single-customer concentration, and cyclical hardware margin mean-reversion.Latest published research · analyzed 2026-09-30 · current · sources aging