Why Super Micro Computer Stock Rallied on Thursday
Shares of Super Micro Computer (NASDAQ: SMCI), also known as Supermicro, jumped Thursday, climbing as much as 13%. As of 1:54 p.m. ET, the stock was still up 12.3%.
The catalyst that drove the server and storage solution specialist's stock higher was bullish coverage by a major bank.
Bank of America analyst Ruplu Bhattacharya initiated coverage on Supermicro, assigning a buy rating and a Street-high price target of $1,040, according to TheFly. This suggests a potential upside of 18% compared to Wednesday's closing price. This prediction comes despite the stock's dizzying run over the past year, when it notched a gain of 847%.
Source Fool.com
