Super Micro Computer price target raised to $250 from $65 at Wedbush

Wedbush analyst Matt Bryson raised the firm’s price target on Super Micro Computer to $250 from $65 to reflect the company’s improved results and outlook, while keeping an Underperform rating on the shares. The firm notes Super Micro Computer reported results just above the top end of its adjusted outlook, with guidance for FY24 implying 40% growth, well above management’s prior outlook for 20%-plus. And even with the stock dipping on results, it’s clear at this juncture Wedbush “missed a fundamental shift in FQ4/ CQ2, that drove SMCI‘s growth over the last few months and created the foundation for the upbeat FY’24 guide.”