Goldman Sachs Names Top U.S. Hardware Stocks Amid AI Demand Surge
Goldman Sachs named Dell Technologies, Hewlett Packard Enterprise, and NetApp as top U.S. hardware picks tied to AI infrastructure buildouts. It kept Buy ratings and adjusted price targets: DELL $510, HPE $75, NTAP $210. Goldman cited raised revenue and EPS expectations, including DELL FY2027 revenue $44.8B and non-GAAP EPS $4.96.
How this was made
The 30-second read
Why it matters
For traders, the actionable element is the combination of reiterated Buy ratings with updated price targets and quantified estimate changes, plus company-specific AI infrastructure catalysts (Dell server, HPE networking deployments, NetApp acquisition).
Market read
This is a sector stock-selection catalyst rather than a macro release, with near-term trading relevance driven by PT/estimate revisions and AI infrastructure demand framing.
What to watch
The article highlights risks (input costs, enterprise IT spending headwinds, supply shortages, on-prem storage structural decline) that could dominate if AI buildouts slow or pricing pressure intensifies.
Background
Goldman Sachs published top-pick style ratings for U.S. hardware, arguing AI infrastructure buildouts and data center modernization are driving outperformance in 2Q26.
Ticker impact
Goldman Sachs keeps a Buy on Dell and raised its 12-month price target to $510, citing higher fiscal 2027 EPS and AI server demand.
Near-term bias higher versus peers, but tempered by cited PC demand and margin risks.
The article discloses a specific analyst action (Buy and PT increase) plus quantified estimate changes and Dell-specific product mention (PowerEdge XE8812 with Nvidia Vera Rubin).
Goldman Sachs maintains Buy on HPE but trims its 12-month price target to $75, while pointing to hyperscaler AI buildouts driving networking and cloud growth.
Likely range-bound to mildly positive, with upside dependent on continued networking/cloud growth.
The text provides a concrete PT change and forward revenue/EPS expectations, plus specific catalysts (Vultr AI datacenter selection, Juniper integration).
Goldman Sachs reiterates Buy on NetApp and raises its 12-month price target to $210, citing higher storage ASPs and an acquisition of DataPelago.
Potentially supportive for momentum trades, but risks remain around on-prem storage demand decline and competition.
The article includes a specific PT increase, quantified fiscal EPS/revenue expectations, and a disclosed acquisition, all of which can move sentiment and positioning.
Market effects
Reinforces positive read-through for U.S. hardware names exposed to AI servers, networking, and enterprise data center modernization.
Primarily U.S. large-cap hardware sentiment; could spill into broader tech hardware complex via relative-performance framing.
AI infrastructure capex narrative is global, but the catalysts cited are company-specific and U.S.-listed.
Counterpoint
Analyst PT increases may already be priced given the large YTD outperformance cited; risks around PC demand, white-box competition, and margins could cap upside.
Key entities
- financial_institutionGoldman Sachs
Analyst firm issuing Buy ratings and price target changes for Dell, HPE, and NetApp.
- companyDell Technologies
Goldman’s top pick, with a raised $510 price target and AI server product mention.
- companyHewlett Packard Enterprise
Goldman’s Buy with a lowered $75 price target, tied to hyperscaler AI networking demand.
- companyNetApp
Goldman’s Buy with a raised $210 price target, tied to higher storage ASPs and DataPelago acquisition.
