SMCI - 1 Wall Street Analyst Thinks Super Micro Computer Stock Is Going to $1500. Is It a Buy Around $883?
2024-04-16 08:49:57 ET
Server manufacturer Super Micro Computer (NASDAQ: SMCI) was added to the S&P 500 index earlier this year. While the company has been operating for decades, soaring demand for servers capable of running artificial intelligence workloads has propelled Super Micro's revenues and profits to new heights.
Analysts at Loop Capital see the inclusion in the S&P 500 index as a reason to get behind Super Micro's pricey valuation. Loop Capital maintained its "buy" rating on the stock on Tuesday while boosting its price target from $600 to $1,500. Based on this new price target, Super Micro stock has a 70% upside.
Loop Capital expects Super Micro to exit fiscal 2026 with a $40 billion annual revenue run rate. The company generated $3.66 billion in revenue during its most recent quarter, which puts its annual revenue run rate just shy of $15 billion today.
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1 Wall Street Analyst Thinks Super Micro Computer Stock Is Going to $1,500. Is It a Buy Around $883?