摩根大通升级到中性后，超级微型计算机（SMCI）股价增长了9％，将目标股价提高到45美元

在周五交易中，该股票飙升了约9％，至42.44美元。这使该公司的年度增长近40％。

Super Micro Computer shares shot up sharply on Friday, leading the S&P 500 after a significant ratings boost from JPMorgan analysts helped propel the stock higher.

超级微型计算机的股票在周五急剧上升，在JPMorgan分析师的显着评级提高后，标普500股票有助于推动该股更高。

The stock surged about 9% to $42.44. It had already nearly quadrupled in 2023.

该股票飙升了约9％，至42.44美元。它在2023年已经几乎三倍。

However, SMCI shares are still down more than half over the past 12 months. The stock has seen huge swings as it navigates several challenges.

但是，在过去的12个月中，SMCI股票仍然下降了一半以上。该股票在面对几个挑战时看到了巨大的波动。

JPMorgan upgraded Super Micro to Neutral from Underweight and raised its price target to $45 from $35.

摩根大通将超级微型从体重升级为中立，并将其目标目标从35美元提高到45美元。

The upgrade comes as Super Micro appears to have fended off pressing regulatory hurdles. The company recently met a key deadline to maintain its stock market listing.

升级是因为超级微型似乎已经抵制了压迫监管障碍。该公司最近在维护其股票市场上市的关键截止日期。

SMCI had faced possible delisting after falling behind on financial disclosures to the Securities and Exchange Commission. The company filed the required documents last month.

SMCI在向美国证券交易委员会的财务披露落后后面临可能的脱口秀。该公司上个月提交了所需文件。

Super Micro's stock had previously come under pressure following accusations of accounting manipulation last August. The allegations led to the resignation of the company's auditor.

在去年八月进行会计操纵指控之后，超级微型的股票此前遭受了压力。这些指控导致了公司审计师的辞职。

JPMorgan analysts appear more upbeat on the company's prospects. They cited strong demand for Super Micro's servers that use Nvidia's new Blackwell chips.

摩根大通分析师对公司的前景似乎更加乐观。他们引用了对使用NVIDIA新的Blackwell芯片的Super Micro的服务器的强烈需求。

The company is "on the cusp of benefitting from ramp in Blackwell-based server shipments, which we view as significantly higher demand than previous gens are placing a premium on Nvidia to drive max supply on both chips and modules this year," according to the JPMorgan note.

根据摩根大通票（JPMorgan Note），该公司正在“从基于布莱克韦尔的服务器运输中受益的风口浪尖，我们认为这比以前的Gens对Nvidia的溢价更高，以推动今年的芯片和模块上的最大供应。”

The Wall Street firm raised its fiscal year 2026 revenue forecast for SMCI to $39 billion from $34 billion to reflect an improved supply ramp from Nvidia.

华尔街公司将SMCI的2026财政年度预测提高到了390亿美元，从340亿美元，以反映NVIDIA的供应坡道的改善。

JPMorgan analysts applied a 10x earnings multiple to SMCI shares, up from their previous 9x multiple, but this still compares to an 11x multiple for competitor Dell.

摩根大通（JPMorgan）分析师对SMCI股票的收益倍数为10倍，这是其前9倍的倍数，但这仍然与竞争对手戴尔（Dell）的11倍倍数相比。

The continued discount reflects ongoing concerns including historical filing challenges, a recent CFO change and an ongoing Department of Justice investigation.

持续的折扣反映了持续不断的担忧，包括历史申请挑战，最近的CFO变更和正在进行的司法部调查。

"While we view these headwinds largely known, they continue to weigh on the shares in our view," the analysts warned.

分析师警告说：“虽然我们认为这些逆风在很大程度上是众所周知的，但它们仍在我们看来的股票中继续权衡。”

Despite the upgrade, JPMorgan cautioned that Super Micro faces several potential setbacks. The firm noted an "increasingly competitive AI Servers landscape that has led to aggressive pricing and we expect this to continue to impact gross margins."

尽管进行了升级，但摩根大通警告说，超级微型面临几个潜在的挫折。该公司指出，“竞争激烈的AI服务器格局，导致了积极的价格，我们希望这会继续影响毛利率。”

This competitive pressure could impact the company's gross margins going forward.

这种竞争压力可能会影响公司的毛利率。

JPMorgan also highlighted the prospect of higher interest expenses when the company raises additional capital, which could further pressure profitability.

摩根大通还强调了当公司筹集额外资本时，较高利息支出的前景，这可能会进一步压力盈利能力。

Super Micro Computer specializes in servers designed for artificial intelligence applications. The company has benefited from the booming demand for AI infrastructure.

超级微型计算机专门研究为人工智能应用设计的服务器。该公司受益于对AI基础设施的蓬勃发展。

Higher average selling prices for its products have helped to boost revenue growth. This trend appears likely to continue as AI adoption accelerates.

其产品的平均销售价格较高有助于提高收入增长。随着AI采用的加速，这种趋势似乎可能会继续。

The server maker's fortunes are closely tied to Nvidia, which provides the chips that power Super Micro's systems. Improved supply from Nvidia is expected to support SMCI's growth prospects.

服务器制造商的命运与NVIDIA紧密相关，后者提供了为超级微型系统提供动力的芯片。预计NVIDIA的供应有所改善将支持SMCI的增长前景。