The artificial intelligence boom should boost shares of Super Micro Computer , according to Raymond James. Analyst Simon Leopold initiated coverage of the server maker with an outperform rating and set its price target at $41. That target implies 22.3% upside from Monday’s close. “AI platforms now comprise nearly 70% of Super micro’s revenue, and is also expanding its share of the branded AI server market. The company combines its engineering and manufacturing scale to compete,” the analyst wrote in a note this week. “Tariffs and technology transitions (e.g., NVIDIA’s Hopper to Blackwell processors) present intermediate-term challenges, but AI projects represent a long-term secular driver.” While Super Micro recently issued disappointing preliminary results for the fiscal third quarter , it’s still up sharply this year. The stock has risen about 10% in 2025, far outpacing the S & P 500. In the past six months, shares have also soared nearly 65%. SMCI 6M mountain SMCI, 6-month Those gains could extend in the near term. Dubbing Super Micro a “market leader in AI-optimized infrastructure,” Leopold noted the company has claimed 9% of the AI platform market and 31% share among branded suppliers. He believes Super Micro will expand its market share. The analyst cited more growth in hyperscale AI infrastructure as a key catalyst for gains ahead. He also pointed to the ramping of Nvidia’s Blackwell platforms as a catalyst, along with increased penetration of its AI deployments in other industries like finance and healthcare. “While recent lumpiness tied to product transitions and limited enterprise services constrain valuation, we believe SMCI’s 25%+ revenue [compound annual growth rate] and expanding U.S. footprint support a re-rating,” he wrote. To be sure, Leopold’s bullish stance puts him in the minority on Wall Street. Eight of the 15 analyst covering it have a hold rating on Super Micro, per LSEG data. By contrast, five have a buy rating. Its average target of roughly $40 still calls for an advance of more than 20% in shares from here, however.
