Now that Super Micro Computer (NASDAQ: SMCI), one of the leading global suppliers of servers and liquid-cooled AI racks, has managed to clear its biggest near-term overhang, one that could have seen the stock unceremoniously booted off the Nasdaq exchange, Wall Street analysts are slowly updating their views on SMCI's prospects, expressing guarded optimism in most cases.
As we noted recently, Super Micro Computer managed to avoid a delisting of its shares earlier this week by filing its requisite annual report for FY 2024 just minutes ahead of a looming deadline from the Nasdaq exchange. A damning report from Hindenburg Research in August 2024 had alleged widespread accounting malfeasance at the firm, prompting SMCI to halt all financial filing activity with the SEC in a bid to conduct an extensive internal control audit.
Now, Goldman Sachs is out with a positive outlook on Super Micro Computer shares, raising its stock price target for the firm from $36 per share to $40, while maintaining an overall neutral rating.
Goldman analyst Michael Ng highlighted SMCI's filing of its annual report for the year that ended on the 30th of June 2024 on the requisite Form 10-K, as well as its quarterly financial statements for the periods that ended on the 30th of September and the 31st of December on the given Form 10-Qs, that too "without having made any restatements of previously filed financial statements."
Bear in mind that Super Micro Computer has now received an official letter from the Nasdaq exchange, indicating that it now complies with the exchange's listing requirements.
While conceding that this episode did uncover weaknesses in SMCI's internal control structure, Ng goes on to point out that the company is working on a remediation plan.
Finally, the Goldman analyst notes that Super Micro Computer's updated customer concentration disclosures have revealed a surprise:
"SMCI’s customer concentration disclosures reveal a new Customer G, which made up 31% of revenue in F2Q25."
Elsewhere, Barclays analyst George Wang has reinstated his coverage on Super Micro Computer shares with an 'Equal Weight' rating and a stock price target of $59.
At the outset, Wang highlights SMCI's unique strengths, including its "leadership position in AI server and direct liquid cooling (DLC)." He also expects Super Micro Computer to be "among the first to ship B200 HGX servers in March-Q."
However, Wang believes that SMCI's "competitive moat is shrinking, and its checkered past could limit the P/E multiples investors are willing to pay for the stock."
Even though Super Micro Computer is now compliant with Nasdaq exchange's listing requirements and is slated to win additional orders from heretofore hesitant clients, Barclays remains on the "sidelines" for now, given its view that "SMCI is still subject to future risks from financial controls and ongoing overhang of potential capital raises to fund the working capital needs for Blackwell purchases."
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