Why Super Micro Computer Stock Is Plummeting Today
Super Micro Computer (NASDAQ: SMCI) is getting hit with another round of big sell-offs Friday. The company's share price was down 5.5% as of 3:15 p.m. ET, according to data from S&P Global Market Intelligence.
Supermicro, as the company is sometimes called, saw its stock pull back following another bearish piece of coverage from a big name on Wall Street. Adding another source of selling pressure, today's jobs report from the U.S. Department of Labor arrived with weaker-than-expected results.
In a report published before the market opened today, J.P. Morgan lowered its rating on Super Micro Computer from overweight to neutral. J.P. Morgan's analysts also lowered their one-year price target on Supermicro stock from $950 per share to $500 per share. Despite the downgrade, the new target would still suggest upside of roughly 28% based on the stock's current price.
Source Fool.com
