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One of the biggest AI stocks of the year hit with downgrade from JPMorgan

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Jpmorgan,Micro Computer,Super Micro

Super Micro stock took another hit as JPMorgan analysts told new investors to stay on the sidelines until uncertainty surrounding the AI high flyer clears up...

Shares of the datacenter server maker, considered one of this year's biggest beneficiaries of the AI craze, have cratered 25% since theOn Friday the stock took another hit, falling more than 5% amid an overall tech selloff. JPMorgan analysts downgraded Super Micro to Neutral from Overweight and slashed its price target almost in half to $500.

The analysts clarified the downgrade was not led by lower confidence in the company’s ability to regain compliance with regulators by issuing its annual financial filing , nor the content of the Hindenburg report. PARAGUAY - 2024/07/25: In this photo illustration, the Super Micro Computer, Inc. logo is displayed on a smartphone screen. The short-seller claimed that despite a $17.5 million settlement in August 2020 with the SEC following an inquiry for "widespread accounting violations," Super Micro's business practices did not improve, and senior executives who had left amid the scandal were later rehired.

 

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