Super Micro Computer (NASDAQ:SMCI) stock is a hot topic on Tuesday after getting a new price prediction from Rosenblatt Securities analyst Hans Mosesmann.
The Rosenblatt analyst increased his price target for SMCI shares from $700 to $1,300. That’s a potential roughly 62% upside compared to its prior closing price. It’s also the highest Wall Street price prediction for the stock, with the analyst consensus sitting at $629.20 per share.
Mosesmann continues to hold a bullish stance on SMCI stock with a “buy” rating for the shares. For the record, the analyst consensus rating for SMCI shares is a moderate buy based on 10 opinions.
Why the Bull Stance on SMCI Stock?
Here’s what the Rosenblatt analyst said about Super Micro Computer in a note to clients obtained by CNBC:
“Our increased price target for SMCI […] is a reflection of the robust growth in AI computing and the company’s strategic position within this rapidly evolving market […] Moreover, Supermicro’s success in gaining market share in a relatively static market for general-purpose Xeon processors, thanks to its U.S.-centric manufacturing approach, signals a readiness to tackle and adapt to the dynamic demands in AI, including liquid cooling and comprehensive product offerings.”
SMCI stock is up 2.1% as of Tuesday morning with some 764,000 shares traded. It’s daily average trading volume is about 7.5 million shares.
Investors can find all of the hottest stock market news ready to go down below!
We are offering all of the latest stock market stories traders need to know about on Tuesday! Among that is what’s going on with shares of Gaxos.AI (NASDAQ:GXAI), Universe Pharmaceuticals (NASDAQ:UPC) and Trxade Health (NASDAQ:MEDS) stock this morning. All of that info is available at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
