Overview

• Bernstein SocGen Group initiated coverage of Super Micro Computer on September 16 with a Market Perform rating and a $46 price target.
• Analysts called SMCI one of the stand-out growth stories after strong revenue gains over the last year.
• The note warned that growth is decelerating and characterized company guidance as aggressive.
• Bernstein highlighted cash conversion challenges that could make the business appear more expensive than headline metrics suggest.
• The coverage cited execution challenges and valuation concerns, even as the company builds AI-focused server and storage systems.