Raymond James raised its price target on Dell Technologies (NYSE:DELL) to $144 from $139, while reiterating an Outperform rating, reflecting confidence in the company’s long-term AI-driven growth despite some short-term headwinds.

The revision comes as the firm adjusts its estimates to account for delays in AI platform rollouts and accelerated PC demand, partly driven by tariff-related buying behavior. The transition between GPU generations in Dell’s AI infrastructure has been more turbulent than expected, increasing the risk of a near-term sales shortfall in AI-related products.

However, analysts remain optimistic about Dell’s positioning beyond 2025. As enterprise adoption of AI moves from training-intensive workloads to inferencing and real-world applications, Dell is seen as well-positioned to deliver sustained growth above historical levels.

With the company set to report earnings on May 29, investors may need to brace for some softness in AI segment results, but the broader story remains intact as AI infrastructure demand matures across the enterprise landscape.