Super Micro Computer (NASDAQ: SMCI), a leading provider of servers and liquid-cooled AI racks, made headlines by raising its FY 2026 outlook above market expectations and committing to meeting the Nasdaq exchange’s filing deadline for its long-delayed financial statements—effectively quelling concerns over a potential de-listing.

Despite these positive developments, JP Morgan remains hesitant to turn fully bullish on the stock. Analyst Samit Chatterjee has increased his price target for SMCI from $23 to $35, but maintained an Underweight rating. While acknowledging that the company’s updated outlook for F4Q25 and FY26 exceeded expectations, JP Morgan believes it may be premature to embrace such optimism.

JP Morgan’s Concerns

Chatterjee cites several reasons for caution:

• Uncertainty surrounding supply chain constraints for next-generation GPUs
• Rising competition from industry peers with stronger product portfolios
• Potential margin pressures, as highlighted by competitors

Regarding SMCI’s commitment to its financial filings, Chatterjee noted:

“Super Micro now expects to complete its FY24 audit by the February 25th filing extension deadline granted by Nasdaq.”

Other Analysts Take a More Optimistic Stance

While JP Morgan remains reserved, other firms have shown increased confidence in SMCI’s prospects:

• Wedbush raised its price target to $40 (previously $24)
• Loop Capital increased its target to $50, marking its second upward revision in three weeks

Loop Capital analyst Ananda Baruah reiterated a bullish stance, citing SMCI’s strong positioning in the AI server market and its potential benefits from major customer expansions planned for 2025.

As the company navigates supply chain challenges and ramps up next-gen AI servers, investor sentiment remains mixed—making SMCI a stock to watch in the coming months.