Can Super Micro Computer Stock's Parabolic Move Continue?
Shares of Super Micro Computer (NASDAQ: SMCI) -- better known as Supermicro -- have doubled since it reported its most recent quarterly results two weeks ago. That's because sales and earnings are soaring. The provider of server infrastructure that powers artificial intelligence (AI) computing for data centers is riding the explosive growth in business uses of AI.
The stock continued its move higher Thursday after Bank of America Securities analyst Ruplu Bhattacharya initiated coverage of Supermicro with a buy rating and a price target of $1,040. For perspective, consider that Supermicro shares were trading for less than $100 per share one year ago.
Supermicro reported its fiscal 2024 second-quarter results on Jan. 29 and said sales had doubled year over year. Most of the growth came in that period, which ended Dec. 31. Revenue also soared by 73% just from the prior quarter.
Source Fool.com
