Investors should be eyeing Dell as the company's macro outlook improves and an artificial intelligence opportunity grows, according to Daiwa Capital Markets. The firm upgraded the computer stock to outperform from market perform in a Monday note, and hiked its price target to $80 per share from $50. Daiwa's forecast implies nearly 16% upside from Monday's $69.15 close. Dell stock has climbed nearly 72% from the start of the year. DELL YTD mountain Dell stock has climbed 72% from the start of the year. Analyst Louis Miscioscia says exceptional artificial intelligence demand will continue to underpin Dell's growth. He noted that the company already has a backlog for AI solutions, including its PowerEdge 9680 server, that extends into 2024. "It is very encouraging that Dell is seeing material demand now for their AI solutions, specifically their PowerEdge 9680," Miscioscia said. "The backlog is $2 [billion], with a 39 week lead time to May 2024 and with a sales pipeline that is even bigger than the backlog." Miscioscia added that the macro outlook for Dell is simultaneously improving, which is visible from the company's second-quarter earnings beat earlier in September and higher forward guidance following the report. "We anticipate that this is not the only beat and raise, but the first of many until the true level of demand emerges sometime in mid 1HCY24," he said. — CNBC's Michael Bloom contributed to this report.