Super Micro Computer Analysts Increase Their Forecasts Following Upbeat Earnings

Super Micro Computer, Inc. SMCI posted upbeat results for its second quarter on Monday.

Super Micro Computer reported quarterly earnings of $5.59 per share, beating the analyst consensus estimate of $4.93. The company reported quarterly sales of $3.67 billion, which topped the analyst consensus estimate of $3.06 billion, according to data from Benzinga Pro.

The company also raised its fiscal year 2024 guidance for revenues from a range of $10 billion to $11 billion to a range of $14.3 billion to $14.7 billion.

“We continued to demonstrate our market leadership in fiscal Q2 2024, reporting record revenue results of $3.66B, year-over-year growth of 103%,” said Charles Liang, CEO of Super Micro.

Super Micro Computer shares gained 1.9% to trade at $505.14 on Tuesday.

These analysts made changes to their price targets on Super Micro Computer after the company reported quarterly results.

• Susquehanna raised the price target on Super Micro Computer from $162 to $250. Susquehanna analyst Mehdi Hosseini maintained a Negative rating.
• Northland Capital Markets increased Super Micro Computer price target from $450 to $625. Northland Capital Markets analyst Nehal Chokshi maintained an Outperform rating.
• Wedbush raised the price target on Super Micro Computer from $250 to $530. Wedbush analyst Matt Bryson maintained a Neutral rating.
• Rosenblatt boosted the price target on Super Micro Computer from $550 to $700. Rosenblatt analyst Hans Mosesmann maintained a Buy rating.

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