1 Wall Street Team Thinks Super Micro Computer Stock Is Going to $438. Is It Time to Sell?
Concerns about Super Micro Computer (NASDAQ: SMCI) have been mounting among investors. Falling profit margins, concerns about accounting procedures, and the delay in Supermicro filing its 10-K annual report all hit the stock in recent weeks.
Now, analysts George Wang and Tim Long are warning investors to step back from the stock as recent issues play out. The analysts lowered their rating on Super Micro stock from the equivalent of a buy rating to one of a hold in a recent report. They also cut their price target from $693 to $438 per share.
This is a reaction to lower profit margins reported by the supplier of artificial intelligence (AI) servers in its fiscal fourth quarter, as well as concerns over the company's accounting. Those concerns began after accusations in a short-seller report and the company's own delay in the release of its Form 10-K annual report.
Source Fool.com
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