The investment firm says strong cash-flow generation and a clear road map for debt paydown makes the Round Rock, Texas, company an attractive buy.
Dell "has the potential to return substantial cash to shareholders including a high dividend yield," said Goldman analyst Rod Hall.
"We see Dell as one of the best return opportunities in our coverage with multiple near-term catalysts."
The firm also sees $4 billion in cash proceeds from Dell's pending sale of Boomi, Dell's multitenant cloud integration platform.
Additionally, the firm sees Dell as being inexpensive at current levels.
Dell shares at last check were up 3% to $98.02.
Last month, Dell reiterated that it intends to pay down more than $16 billion in debt this year using free cash flow and VMWare dividend proceeds.
Dell should have stand-alone debt of about $12 billion by the end of fiscal 2022.
"We note that Dell’s operational execution has been solid over the past year with the company consistently reporting beat-and-raise quarters," Hall said.
"While we remain cautious on overall PC market shipments next year, we expect Dell’s outsize exposure to commercial PCs should make their demand more resilient."