Beleaguered AI server maker Super Micro Computer could get a lift from Nvidia’s Blackwell success, according to JPMorgan. Analyst Samik Chatterjee upgraded Super Micro shares to neutral from underweight and lifted his price target by $10 to $45. With that new target, Chatterjee forecasts that shares of Super Micro, known for its servers powered with Nvidia graphics processing chips, could gain about 15% on the back of a better supply ramp from Nvidia’s Blackwell chips. “The company has cycled past the uncertainty in relation to pending SEC filings and is on the cusp of benefitting from ramp in Blackwell based server shipments which are already seeing materially higher demand than prior generation, with additional benefit to revenue growth from higher ASPs,” Chatterjee said in a Friday note to clients. Chatterjee raised his fiscal year 2026 revenue forecast by $5 billion to $39 billion, which implies about 65% year-over-year growth. Still, the analyst remains cautious, citing Super Micro’s “challenging track record in relation to terms of the audit and filing issues, which will likely be an overhang on the earnings multiple” along with its new CFO transition and closure of the Department of Justice investigation into the company’s accounting practices. He added that an increasingly competitive landscape could lead Super Micro to see gross margin moderation and limited earnings growth relative to revenue growth in fiscal year 2026. Expenses tied to internal controls and future potential capital raises could also be headwinds. “We balance the upcoming strong revenue progression with potential concerns around margin trajectory,” he said. SMCI 1Y mountain SMCI stock performance. Super Micro shares have been on a volatile run this year. The company in February had given optimistic commentary for its 2026 fiscal year and filed its delayed financials for the latest fiscal year to meet the Nasdaq’s listing deadline, which boosted shares. The stock is up more than 28% year to date, but has plummeted roughly 30% over the past month amid the broader market sell-off and concerns about slower growth in the AI industry.
