This stock could capitalize on a strong earnings report from Nvidia

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.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

This chip stock could yield a quick profit, depending on Nvidia's earnings, Morgan Stanley saysHow well Nvidia performs Wednesday could have implications for this derivative play, according to Morgan Stanley.
Source: CNBC - 🏆 12. / 72 Read more »

Nvidia’s stock snaps losing streak and sits 1% below record close as earnings optimism buildsNvidia Corp.'s earnings are drawing nearer, and yet another analyst is feeling upbeat heading into the company's report.
Source: MarketWatch - 🏆 3. / 97 Read more »

Stock market today: Asian shares are mixed ahead of Fed Chair speech and Nvidia earningsAsian markets are trading mixed ahead of Fed Chair Jerome Powell’s highly anticipated speech later in the week.
Source: AP - 🏆 728. / 51 Read more »

Nvidia Stock Sold By Cathie Wood Ahead of Earnings, Buys More Zoom SharesThe investor's ARK Innovation Fund dumped the stock in January, missing out on most of the chip maker's meteoric 212% rise so far in 2023.
Source: MarketWatch - 🏆 3. / 97 Read more »