Needham Reiterates Buy Rating on Super Micro Computer
Needham analyst N.
Quinn Bolton reiterated a Buy rating and $40.00 price target on Super Micro Computer (NASDAQ: SMCI).
“SMCI reported a top line miss but beat on the bottom line, driven by stronger GM, while guiding both revenue and EPS higher.
Our key takeaways include: 1) GM came in well above our estimate, driven by a higher Enterprise mix (~28% of revenue vs. ~16% in F2Q) and improved Data Center GM; 2) the F3Q26 revenue miss was largely timing-driven due to customer site readiness delays and certain component shortages.
We believe the majority of the shortfall is shifting into F4Q26, which was guided ~$1.75BN above our prior estimate; and 3) management indicated it has seen no change in vendor allocations following the DOJ indictment of former employees, with relationships remaining strong.
Our PT remains at $40, now based on 12x our new CY28 NG EPS estimate.”
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