高盛降级SMCI

高盛（NYSE：GS）已将其对超级微型计算机（NASDAQ：SMCI）的评级从“中性”到“卖出”，理由是在AI服务器市场上越来越挑战，并担心利润率。

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.

本辛加报道，高盛（Goldman Sachs）已将超级微型计算机（NASDAQ：SMCI）股票从“中性”降低到“卖出”，并将目标目标从40美元调整到32美元，下跌8美元。这家金融服务公司预测明年下降了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.

这种调整是对公司在AI服务器市场中的斗争的担忧以及对其市场份额和利润率的影响。

As reported by .

如报道。

“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.

高盛说：“随着我们看到AI服务器领域的竞争压力增加，我们正在降级Super Micro的股票销售，我们相信这将对Super Micro的市场份额和定价能力施加压力。”

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

“现在，许多玩家正在增加他们的研发活动以开发更具竞争力的产品，我们希望这将在未来季度继续进行。”

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.

这家服务公司补充说，预计竞争的增加将减少超级微型的产品差异化，从而使公司在市场上脱颖而出。

“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，我们预计Super Micro的毛利率会从2025财年的高点下降，而我们对26财年和27财年的估计未达成共识。”

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.

根据高盛（Goldman Sachs）的说法，分析师预测，毛利率的下降，预计将在2026年和2027财年继续进行，并且预计该公司的估值将降低，因为其溢价相对于戴尔（NYSE：DELL）等同行的溢价有望缩小。

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.

尽管今年Super Micro的股价上涨了38％，但分析师认为，当前的估值并未完全考虑到与公司市场地位和竞争环境中的财务前景相关的风险。

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.

该公司指出，尽管长期有增长的机会，但超级微型的直接前景似乎具有挑战性，并且该股票被评为“卖出”，目标目标降低了32美元。