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This stock could capitalize on a strong earnings report from Nvidia

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Loop Capital reiterated its buy rating and $400 price target on SMCI shares ahead of Nvidia's second-quarter earnings announcement.

Super Micro Computer could see upside if Wall Street reacts favorably to Nvidia's much-anticipated earnings release, according to Loop Capital. Analyst Ananda Baruah reiterated his buy rating on SMCI shares ahead of Nvidia's second-quarter earnings announcement Wednesday after the bell. He also maintained his $400 price target on shares, implying nearly 55% upside potential from Tuesday's close.

Analysts were disappointed by the company's outlook for the 2024 fiscal year, which came in more conservative than expected. Baruah said reports of the company's demise "have been greatly exaggerated." The analyst expects SMCI could post potentially $2.3 billion in revenue for the September quarter.

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