Analysts revise SMCI stock price target after annual report delay
The post Analysts revise SMCI stock price target after annual report delay appeared on BitcoinEthereumNews.com.
After Super Micro Computer Inc (NASDAQ: SMCI) revealed it would not file its annual report on the United States Securities and Exchange Commission (SEC) Form 10-K for the fiscal year ending June 30 on time and expected to submit a late filing notification, analysts have started revising their SMCI stock price targets. Indeed, SMCI said it was “unable to file its Annual Report within the prescribed time period without unreasonable effort or expense” and that its management needed additional time “to complete its assessment of the design and operating effectiveness of its internal controls over financial reporting as of June 30, 2024,” in an August 28 statement. SMCI stock forecast Amid these unfavorable announcements and other problems, like rumors of accounting manipulation and various governance issues, Wall Street analysts have begun updating their SMCI stock price target, with the average predicted price standing at $978.50, up 118.02% from its price at press time. Wall Street’s SMCI stock forecast 2025. Source: TipRanks Among analysts revising their SMCI stock price target is the team from Wells Fargo (NYSE: WFC), which has lowered its SMCI stock prediction from $650 to $375 and maintained the ‘equal weight’ rating on the shares as a cherry on top following the scathing report by Hindenburg Research. As a reminder, the short-seller alleged in its report that SMCI has dabbled into “accounting manipulation, sibling self-dealing, and sanction evasion,” after which the SMCI stock price began to drop and continued to decline further after SMCI announced the delay in filing its annual report. According to Wells Fargo analyst Aaron Rakers, the price target reduction relates to “uncertainty/concern over revenue recognition, and SMCI’s history,” but also addressing his brief conversation with SMCI CFO David Weigand, the company’s finance executive, who had emphasized three key points: “1. This is about internal…
Filed under: News - @ August 30, 2024 8:22 am