Mizuho Raises Super Micro Computer Price Target to $30
Mizuho analyst Vijay Rakesh raised the price target on Super Micro Computer (NASDAQ: SMCI) to $30.00 (from $25.00) while maintaining a Neutral rating.
“SMCI reportedMarQ at $10.2B (below vs. consensus. $12.4B) but guided JunQ better to ~$11.8B (above cons. $11.2B) with orders pushed out due to customer readiness and component shortages.
Key Highlights: 1) MarQ good GM ~10.1% with lower expedite fees, tariff relief, and improved mix, while JunQ GM we estimate down ~180bps q/q to 8.3% with customer/product mix.
2) DCBBS ramping, GM-accretive at >20%; SMCI is targeting at least 20% of Net Income from DCBBS in two years as customers seek lower TCO solutions with new neo-cloud/enterprise wins, 3) F26E(Jun) top line guided to $39.7B (prior >$40B), and 4) Capacity F26E ramping to 6K (with ~3K DLC).
Maintain Neutral, Adj Ests/PT to $30 (prior $25): we continue to see SMCI as a leader in the AI Server space for L10-12 with key customer ramps GB300 and Rubin ahead, though some offsets from competition.”
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