Supermicro Faces Investor Skepticism Amid Strong Orders

JPMorgan maintains an Underweight rating on Supermicro with a $23 price target, despite the stock closing at $44.16. After meeting with management, JPMorgan reports that Supermicro's customer base remains strong, with no significant changes in order allocations, countering market speculation. The company is preparing for new product rollouts in fiscal 2025 and reassures that its Malaysia plant will ramp up as planned. Supermicro is confident in managing its working capital for a revenue base of $5.5B-$6B, and its position with Nvidia's Blackwell product line remains robust.