Super Micro price target lowered to $36 from $39 at JPMorgan

JPMorgan lowered the firm’s price target on Super Micro (SMCI) to $36 from $39 and keeps a Neutral rating on the shares. The firm updated its model to reflect the company’s guidance. The analyst does not believe the magnitude of the revenue miss to be representative of any industry-wide demand slowdown dynamic or supply headwind, but more driven by specific customer decisions on platforms which shifted in relation to timing. Given the limited visibility around the opportunity for Super Micro to completely catch up to the revenue push-out in the next quarter, JPMorgan is “cautiously moderating” its Q4 expectations.