1 Wall Street Analyst Thinks Super Micro Computer Stock Is Going to $1,350. Is It a Buy Around $1,118?
Investors have been enamored with Super Micro Computer (NASDAQ: SMCI) recently. The artificial intelligence (AI) server and computer systems provider's share prices have rocketed higher by more than 293% just in 2024.
But analysts at investment research firm Argus think there's still time for investors to make money buying Supermicro stock now. Argus director of research Jim Kelleher and his team initiated coverage of Supermicro, as it is more commonly called, with a buy rating and a stock price target of $1,350. Based on the recent share price around $1,118, that would represent a 21% upside over the next 12 months.
Kelleher and his team highlighted Supermicro's accelerating sales and earnings growth as the catalysts that can keep the stock moving higher. That growth is coming from explosive demand from many different types of businesses for server and computer solutions used for greater computing power needed for AI applications.
Source Fool.com
