Super Micro Computer Analysts Increase Their Forecasts Following Upbeat Earnings
Portfolio Pulse from Avi Kapoor
Super Micro Computer, Inc. (NASDAQ:SMCI) exceeded analyst expectations with its Q2 earnings report, posting earnings of $5.59 per share against a consensus of $4.93 and sales of $3.67 billion versus an expected $3.06 billion. The company also raised its FY2024 revenue guidance from $10-11 billion to $14.3-14.7 billion. Following the report, SMCI shares rose 1.9% to $505.14. Analysts from Susquehanna, Northland Capital Markets, Wedbush, and Rosenblatt adjusted their price targets, with varying ratings from Negative to Buy.
January 30, 2024 | 6:17 pm
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POSITIVE IMPACT
Super Micro Computer reported strong Q2 earnings and sales, surpassing analyst estimates and raising FY2024 revenue guidance. Shares increased by 1.9% following the report.
The positive earnings report and raised guidance are strong indicators of the company's performance and future prospects, which typically result in a positive short-term impact on the stock price. The subsequent increase in share price and updated analyst price targets further support this positive outlook.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100