高盛降級SMCI

高盛（NYSE：GS）已將其對超級微型計算機（NASDAQ：SMCI）的評級從“中性”到“賣出”，理由是在AI服務器市場上越來越挑戰，並擔心利潤率。

Goldman Sachs has downgraded Super Micro Computer (NASDAQ:SMCI) stock from “Neutral” to “Sell” and adjusted the price target from $40 to $32, down $8, Benzinga reports. The financial services firm predicts a 24% decline in the next year.

本辛加報導，高盛（Goldman Sachs）已將超級微型計算機（NASDAQ：SMCI）股票從“中性”降低到“賣出”，並將目標目標從40美元調整到32美元，下跌8美元。這家金融服務公司預測明年下降了24％。

This adjustment follows concerns over the company’s struggles in the AI server market and the implications for its market share and profit margins.

這種調整是對公司在AI服務器市場中的鬥爭的擔憂以及對其市場份額和利潤率的影響。

As reported by .

如報導。

“We are downgrading shares of Super Micro to Sell as we see increasing competitive pressure in the AI server sector, which we believe will put pressure on Super Micro’s market share and pricing power,” Goldman Sachs said.

高盛說：“隨著我們看到AI服務器領域的競爭壓力增加，我們正在降級Super Micro的股票銷售，我們相信這將對Super Micro的市場份額和定價能力施加壓力。”

“Many players are now increasing their R&D activities to develop more competitive products, and we expect this to continue in the coming quarters.”

“現在，許多玩家正在增加他們的研發活動以開發更具競爭力的產品，我們希望這將在未來季度繼續進行。”

The service firm added that the increased competition is expected to reduce product differentiation for Super Micro, making it harder for the company to stand out in the market.

這家服務公司補充說，預計競爭的增加將減少超級微型的產品差異化，從而使公司在市場上脫穎而出。

“In addition, we expect Super Micro’s gross margins to decline from the highs seen in fiscal 2025, and our estimates for fiscal 26 and 27 fall short of consensus.”

“此外，我們預計Super Micro的毛利率會從2025財年的高點下降，而我們對26財年和27財年的估計未達成共識。”

According to Goldman Sachs, analysts predict a decline in gross margins, which is expected to continue in fiscal 2026 and 2027, and the company’s valuation is expected to decrease as its premium relative to peers like Dell (NYSE:DELL) is expected to narrow.

根據高盛（Goldman Sachs）的說法，分析師預測，毛利率的下降，預計將在2026年和2027財年繼續進行，並且預計該公司的估值將降低，因為其溢價相對於戴爾（NYSE：DELL）等同行的溢價有望縮小。

Despite the 38% increase in Super Micro’s stock price this year, analysts believe that the current valuation does not fully account for the risks associated with the company’s market position and financial outlook in the competitive landscape.

儘管今年Super Micro的股價上漲了38％，但分析師認為，當前的估值並未完全考慮到與公司市場地位和競爭環境中的財務前景相關的風險。

The firm notes that while there are opportunities for growth in the long term, the immediate outlook for Super Micro appears challenging, and the stock is rated “Sell” with a reduced price target of $32.

該公司指出，儘管長期有增長的機會，但超級微型的直接前景似乎具有挑戰性，並且該股票被評為“賣出”，目標目標降低了32美元。