Super Micro Stock Is Too Hard to Call Until After Earnings, Analyst Says

Super Micro Computer (David Paul Morris/Bloomberg)

Figuring out the fundamentals about Super Micro Computer’s stock is filled with uncertainty, according to Wedbush.

On Monday, Wedbush analyst Matt Bryson reaffirmed his Neutral rating on Super Micro stock and his reiterated his $30 price target. The maker of artificial-intelligence servers will report results for its June-ended fiscal fourth quarter after the market close on Tuesday.

Super Micro “has always been a company that has been more difficult for us to get inputs around,” Bryson wrote. “While we believe SMCI should be a beneficiary of the steep apparent lift in [Nvidia ] GB200 sales…we have not yet been able to corroborate this strength, and as such are not yet sure how/whether to shift our forecasts.”

The shares have surged 93% this year on growing optimism about the AI infrastructure buildout trade. In early trading Monday, Super Micro stock rose 3.9% to $58.87.

The analyst cautioned investors shouldn’t fixate on his current price target for Super Micro, as it will likely change after the company reports results.

“Given our uncertainty around the progression in SMCI’s business, we believe it is appropriate for us to adjust our numbers and price target post SMCI’s results and guide,” Bryson wrote.

Sometimes if you don’t have conviction or an edge, the prudent move may be to stay on the sidelines.

Write to Tae Kim at tae.kim@barrons.com