超級微型計算機：該股票是硬幣翻轉，而不是投資

Super Micro Computer，Inc。（NASDAQ：SMCI）股票在2024年的許多負面催化劑之後繼續在2025年流血。

Erik Isakson

埃里克·伊薩克森（Erik Isakson）

Super Micro Computer, Inc. (NASDAQ:SMCI) shares have continued to spiral lower in 2025, now down more than 40% over the last 12 months. The server maker has faced a number of challenges in recent years, including a missed filing deadline in 2024 and an ongoing SEC investigation.

Super Micro Computer，Inc。（NASDAQ：SMCI）的股票在2025年持續下降，現在在過去12個月中下跌了40％以上。近年來，服務器製造商面臨許多挑戰，包括在2024年錯過的備案截止日期和正在進行的SEC調查。

Despite these challenges, some analysts remain bullish on SMCI stock. Erik Isakson at Raymond James recently initiated coverage on the stock with an Outperform rating and a price target of $40, suggesting a potential upside of nearly 100% from current levels.

儘管面臨這些挑戰，但一些分析師仍然對SMCI股票看漲。雷蒙德·詹姆斯（Raymond James）的埃里克·伊薩克森（Erik Isakson）最近以跑贏大盤的評級和40美元的目標目標開始報導該股票，這表明目前水平的上漲空間接近100％。

Isakson argues that SMCI's recent troubles are "a coin flip, not an investment." He notes that the company has already addressed the filing issue and that the SEC probe is unlikely to yield any material findings.

伊薩克森（Isakson）認為，SMCI最近的麻煩是“硬幣翻轉，而不是投資”。他指出，該公司已經解決了備案問題，SEC調查不太可能產生任何重大發現。

"SMCI encountered a 2024 filing issue, which we view as a coin flip and not an investment," Isakson wrote in a note to clients. "The company self-reported the late filing, filed the financials and had no prior late filings or SEC issues. We further note that the company has been cooperating fully with the SEC throughout the investigation, which began in 2024."

伊薩克森在給客戶的票據中寫道：“ SMCI遇到了2024年的備案問題，我們認為這是硬幣翻轉而不是投資。” “該公司自我報告了較晚的文件，提交了財務狀況，沒有之前的較晚文件或SEC問題。我們進一步指出，該公司在整個調查中一直與SEC完全合作，該調查始於2024年。”

Isakson also highlights SMCI's strong fundamentals, including its leadership in the server market, its high margins, and its consistent earnings growth. He believes that these factors will ultimately drive a recovery in the stock price.

Isakson還強調了SMCI的強大基礎知識，包括其在服務器市場，高利潤率以及其一致的收入增長。他認為，這些因素最終將推動股價恢復。

"SMCI is a server leader with No. 2 market share, high single-digit revenue growth, and expanding adjusted operating margins, all while generating strong free cash flow," he added. "The company has also shown consistent earnings beats and raises, which we expect to continue."

他補充說：“ SMCI是服務器領導者，擁有2號市場份額，高單數收入增長以及提高調整後的營業利潤率，同時又產生了強大的自由現金流。” “該公司還顯示出一致的收益節奏和加薪，我們希望繼續進行。”

Overall, Isakson's analysis suggests that SMCI stock is a compelling value proposition for investors willing to overlook the company's recent troubles. The stock's sharp decline has created a significant opportunity for those who believe in the company's long-term prospects.

總體而言，Isakson的分析表明，SMCI股票是願意忽略該公司最近麻煩的投資者的一個令人信服的價值主張。該股票的急劇下降為那些相信公司長期前景的人創造了巨大的機會。