Super Micro Computer, Inc. (NASDAQ:SMCI) shares are trading higher Friday as AI and chip stocks gain following Microsoft Corporation's (NASDAQ:MSFT) earnings.
The Details:
Microsoft delivered better-than-expected earnings after the bell Thursday. Microsoft CEO Satya Nadella highlighted strong demand for the company's offerings, particularly in the field of artificial intelligence (AI).
SMCI shares also rose Thursday after Meta Platforms, Inc. (NASDAQ:META) reported its first-quarter results and increased its capital expenditures outlook amid the company's AI efforts.
SMCI is set to report its third-quarter financial results after the bell on April 30 and will host a conference call to discuss the results at 5:00 p.m. ET the same day. According to estimates from Benzinga Pro, analysts expect the company to report earnings of $5.84 per share and quarterly revenue of $3.99 billion.
The company has beat analysts expectations for the last three reported quarters.
Related News: Snap Shares Soar On Better-Than-Expected Q1 Results, Daily Active User Growth, Q2 Revenue Guidance
SMCI Stock Prediction 2024:
Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.
Shares of Super Micro Computer have an average 1-year price target of $961.13, representing an expected upside of 14.51%.
Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. 1 analyst has a bearish recommendation on Super Micro Computer, while 10 analysts have bullish ratings. The street high price target from Loop Capital is $1500, while the street low from Susquehanna is $250.
SMCI Price Action: According to Benzinga Pro, Super Micro Computer shares are up 7.46% at $846.17 at the time of publication Friday.
Image: Courtesy of Super Micro Computer, Inc.
