超级微型计算机：该股票是硬币翻转，而不是投资

Super Micro Computer，Inc。（NASDAQ：SMCI）股票在2024年的许多负面催化剂之后继续在2025年流血。

Erik Isakson

埃里克·伊萨克森（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年持续下降，现在在过去12个月中下跌了40％以上。近年来，服务器制造商面临许多挑战，包括在2024年错过的备案截止日期和正在进行的SEC调查。

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.

尽管面临这些挑战，但一些分析师仍然对SMCI股票看涨。雷蒙德·詹姆斯（Raymond James）的埃里克·伊萨克森（Erik Isakson）最近以跑赢大盘的评级和40美元的目标目标开始报道该股票，这表明目前水平的上涨空间接近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.

伊萨克森（Isakson）认为，SMCI最近的麻烦是“硬币翻转，而不是投资”。他指出，该公司已经解决了备案问题，SEC调查不太可能产生任何重大发现。

"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."

伊萨克森在给客户的票据中写道：“ SMCI遇到了2024年的备案问题，我们认为这是硬币翻转而不是投资。” “该公司自我报告了较晚的文件，提交了财务状况，没有之前的较晚文件或SEC问题。我们进一步指出，该公司在整个调查中一直与SEC完全合作，该调查始于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还强调了SMCI的强大基础知识，包括其在服务器市场，高利润率以及其一致的收入增长。他认为，这些因素最终将推动股价恢复。

"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."

他补充说：“ SMCI是服务器领导者，拥有2号市场份额，高单数收入增长以及提高调整后的营业利润率，同时又产生了强大的自由现金流。” “该公司还显示出一致的收益节奏和加薪，我们希望继续进行。”

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.

总体而言，Isakson的分析表明，SMCI股票是愿意忽略该公司最近麻烦的投资者的一个令人信服的价值主张。该股票的急剧下降为那些相信公司长期前景的人创造了巨大的机会。