Dell Technologies (DELL) has the potential to post earnings per share of $19.01 in 2030, doubling the $8.14 it recorded in fiscal 2025, BofA Securities said in a note Friday.
The firm said it determined a base case for the company's potential EPS in 2030 based on its market share, pricing and operating margin assumptions.
BofA said that based on its assumptions, the company's EPS for 2026 is "worth" $11.39.
While it is "not underwriting" Dell earnings at that level, the analysis shows the discount Dell shares are trading at compared with their five-year earnings potential, the firm said.
BofA said it expects Dell and other IT hardware companies to benefit from the growth of enterprise/sovereign artificial intelligence in the next decade.
BofA raised its price objective on the company to $165 from $155 and maintained its buy rating.
Dell shares were up 4.9% in recent trading.
Price: 130.01, Change: +6.13, Percent Change: +4.94
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