Super Micro Computer (NASDAQ: SMCI) has been one of 2024's hottest artificial intelligence (AI) stocks. The server specialist's share price is up 260% year to date, and some Wall Street analysts anticipate that surging demand for AI solutions will continue to push the stock higher.

On March 25, analyst Samik Chatterjee initiated coverage on Super Micro with an overweight (buy) rating. Chatterjee put a one-year price target on the stock of $1,150 per share, or 12% higher than the stock's closing price on Mar. 26.

Chatterjee sees Super Micro as the top company in the AI server market -- a category that's playing an increasingly important role in pushing the AI revolution forward. The company's high-performance rack servers make use of Nvidia's graphics processing units (GPUs) and other processors to provide a comprehensive solution for customers who are looking to quickly launch data-processing capabilities for AI.

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Source Fool.com