Evercore ISI says Tesla is Dell's new big AI customer, raises stock target
) to $165 from $140 in a note Thursday, stating that they believe the company has won a large portion of business for Tesla’s AI server buildout.
According to Evercore, this should be incremental to their current ~$2.9 billion AI backlog but was likely embedded in their pipeline commentary."Our analysis suggests this presents a ~$2.5-3.0B revenue/order opportunity for DELL potentially in CY24." Furthermore, while Evercore believes that SMCI has also won some of the Tesla AI server business, the allocations are said to be heavily"Crucially, DELL has also won a sizable amount of storage attach in addition to AI servers that could ship in conjunction with AI server shipments ," adds Evercore. The firm believes Dell has positioned itself togrowth rate from 3-4% to MSD over the next few years.
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