J.P. Morgan Expects Dell and HPE to Raise Guidance

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J.P. Morgan analysts led by Joseph Cardoso expect Dell and HPE to increase their guidance during upcoming earnings reports, driven by strong AI and non-AI infrastructure demand. For Dell, the firm anticipates a raise to its FY27 revenue guidance, building on an already upgraded outlook of +47% growth, with AI server demand and improved non-AI infrastructure forecasts supporting further upside. Dell is scheduled to report second-quarter results on Tuesday, Sept. 1, with consensus estimates of $4.92 adjusted EPS and $44.5B revenue. For HPE, J.P. Morgan expects tailwinds across AI and non-AI infrastructure to support a raise to its FY26 revenue and earnings outlook, citing strength in Traditional Servers, Campus Networking, and Cloud Routing. HPE reports third-quarter results on Wednesday, Sept. 2, with consensus estimates of $0.93 adjusted EPS and $11.94B revenue. J.P. Morgan maintains Overweight ratings on both stocks, with price targets of $565 for Dell and $70 for HPE.

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Dell Technologies Inc
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J.P. Morgan expects Dell to raise FY27 guidance on strong AI and non-AI infrastructure demand.

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