Dell Beat EPS Estimates by 65% Last Quarter—Can It Repeat This Time?

Dell Technologies shares are in focus on Thursday, with earnings due shortly, recent analyst activity, technicals showing the stock trading nearly 95% above its 200-day moving average, and its Edge score all drawing market attention.

Dell shares are moving higher. Why is DELL stock climbing?

Earnings Preview and History

Dell is scheduled to report second-quarter earnings before the market opens on September 1. Analysts expect earnings per share of $4.91 on revenue of approximately $44.9 billion. Last quarter, Dell reported EPS of $4.86, beating the consensus estimate of $2.94. The company also posted revenue of $43.84 billion, surpassing the consensus estimate of $35.45 billion.

Dell's AI Order Backlog and Storage Growth in Focus

Investors will closely watch growth in the AI server order backlog to see if it can surpass last quarter's record $51.3 billion, as supply—rather than demand—has become the main constraint on Dell converting orders into recognized revenue, with component shortages now spanning memory, CPUs, optics, and hard drives. Storage performance will also be in the spotlight, with analysts expecting roughly 10% year-over-year growth in that segment amid favorable base effects and rising AI-driven demand.

Comments on cloud customer spending, including from CoreWeave Inc. and SpaceX, as well as any updates to full-year fiscal 2027 guidance, should provide further signals on whether Dell's recent momentum can continue given the stock has risen more than 240% over the past year.

Analyst Consensus and Recent Actions

The stock carries a Buy rating with an average price target of $491.44. Recent analyst actions include:

UBS: Neutral

Morgan Stanley: Equal Weight

Evercore ISI Group: Outperform

Dell Stock Nearly 95% Above 200-Day Moving Average

Dell's long-term trend remains pointed higher, with the stock up 250.05% over the past 12 months and firmly above key moving averages. At current levels, the stock sits 4% above its 20-day simple moving average, 9.1% above its 50-day simple moving average, 34.4% above its 100-day simple moving average, and 94.7% above its 200-day simple moving average.

From a trend structure standpoint, moving average alignment remains bullish: the 20-day simple moving average sits above the 50-day simple moving average, while the golden cross triggered in March continues to support the larger uptrend narrative. Recent turning points matter here as well: the stock formed a swing low in June, then pushed to a swing high and 52-week high in August, helping define the current zone as consolidation following a strong rally.

In terms of momentum, the Relative Strength Index offers the clearest read at the moment: at 54.79, it sits in neutral territory, indicating that despite the stock's substantial gains over recent months, it is not particularly overextended in either direction. In short, RSI helps traders gauge whether buying or selling pressure is "overheated," and this reading suggests Dell still has room to run without immediately triggering overbought/oversold warnings.

Key resistance: $485.50—a near-term ceiling between the current price and the 52-week high where the rally could begin to stall

Key support: $378.50—a prior buyer defense zone that also represents a meaningful pullback level relative to the current uptrend

Edge Score

Here is Dell's Edge scorecard, highlighting its strengths and weaknesses relative to the broader market:

Momentum: Bullish—the stock shows strong relative strength, consistent with its extended uptrend.

Value: Weak—the stock is richly valued relative to typical value metrics, which may raise the bar for earnings execution.

Growth: Bullish—the growth factor provides support and helps explain why buyers are willing to pay a premium.

Conclusion: Dell's Edge signals reveal a momentum-driven, growth-leaning profile with a notable valuation premium trade-off. For long-term holders, the chart strength is the appeal, but the lower value score means the next earnings update could carry more weight for sentiment than usual.

Dell Shares Edge Higher

DELL price action: As of publication, Dell shares were up 1.35% at $470.06.