Super Micro Computer (NASDAQ: SMCI) remained in the headlines for weeks earlier in 2024 as it managed one of the most impressive non-meme stock surges in recent history.
Starting the year at $285, SMCI entered a staggering stock market rise that saw it breach $1,000 and reach toward $1,200 by mid-March.
The situation has significantly quieted since and Supermicro shares experienced a major correction that landed SMCI price today at $774.68 – substantially below its yearly highs.
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Nonetheless, the stock remains one of the best performers within the S&P 500 – an important benchmark index – and is, despite the correction, 172.52% in the green year-to-date (YTD).
Additionally, the company again found itself in the headlines after announcing the integration of new cooling technology, which triggered an indecisive rally and coincided with a string of new analyst ratings.
Supermicro stock forecast
Indeed, SMCI saw several high-profile rating and price target revisions in June 2024, with the most recent coming from Barclays.
Barclays analysts have, despite the correction and the sideways trading, remained optimistic about Supermicro stock, with their latest coverage update considering the firm a ‘buy’ and predicting SMCI will reach $1,000 within the coming 12 months.
Northland Securities similarly remained bullish, retaining the ‘buy’ rating. The firm’s price target is, however, substantially higher at $1,300.
Earlier in June, Wells Fargo (NYSE: WFC) proved less optimistic, reiterating its previous stance on SMCI shares. Just over a month ago, WFC rated Supermicro as ‘equal weight’ – ‘hold’ – and lowered the price target to $890.
SMCI bullishness persists despite correction
As might be expected given the most recent revisions, a generally bullish attitude persists when it comes to Supermicro stock.
Indeed, the company is considered a ‘moderate buy’ on the stock analysis platform TipRanks, with 5 of the 9 represented experts rating it as a ‘buy.’ The remaining 4 give SMCI a ‘neutral’ ranking.
In terms of price targets, Super Micro Computer is generally expected to rise 37.06% from its press time price to $1,066.
Simultaneously, the highest 2025 SMCI price target considers it likely Supermicro will be $1,500 in 52 weeks, and the lowest estimates a drop to $800 as the more plausible outcome of upcoming trading.
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