SMCI: Super Micro Stock Rallies 7% after JPMorgan Slaps Price Target of $1,150

Server maker has enjoyed whopping growth over the past 12 months, flaunting a share-price increase of 840%.

Key Points:

• Super Micro jumps on JPMorgan outlook.
• Server maker boasts 840% rise in a year.
• Company builds AI servers for Nvidia.
• Super Micro Computer stock SMCI jumped 7.2% to kick off Monday deals at a closing price of $1,042 a share after investment giant JPMorgan JPM helped bump it higher. The server maker, JPMorgan said, is shaping up as the leader in the AI compute market and got its price tag hiked to $1,150. The Wall Street sophisticate began covering SMCI at Overweight.
• Indeed, the gains have been neither lightweight, nor micro. Super Micro boasts a whopping 840% increase over the past 12 months and is sitting on a $61 billion valuation. It’s the S&P 500’s top performer this year with 265% added to its market cap. How did that happen and why?
• Super Micro is perhaps the hidden gem most of you passed on. The once-tiny server maker floated shares in 2007 at an IPO valuation of $250 million. Fast forward, the company now builds AI servers for chip giant Nvidia NVDA, a move that has cemented Super Micro’s leading position in a fiercely competitive market.