Super Micro Computer Analysts Increase Their Forecasts Following Upbeat Earnings

Super Micro Computer, Inc. +4.31%

Super Micro Computer, Inc.

SMCI

883.88

+4.31%

Super Micro Computer, Inc. (NASDAQ: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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