Dell Technologies shares climbed 4.7% in morning trading Tuesday after Mizuho raised its price target on the stock to $650 from $600 while maintaining its Outperform rating.

Analyst Vijay Rakesh published the upgrade today as the stock traded below its 52-week high of $595.51.

The company reported AI server orders of $60.9 billion and AI server revenue of $16.4 billion in its most recent quarter. Dell ended the period with an AI server backlog of $95 billion.

Management raised its fiscal 2027 revenue guidance to approximately $192 billion following the quarterly results.

Mizuho's price target increase follows several upgrades from other firms after the earnings release.

Company insiders sold nearly $1 billion worth of shares over the past three months.