Super Micro Computer, Inc. ( SMCI ) shares are trading higher Friday as AI and chip stocks gain following Microsoft Corporation's ( MSFT ) earnings.

The Details:

Microsoft ( MSFT ) delivered better-than-expected earnings after the bell Thursday. Microsoft ( MSFT ) CEO Satya Nadella highlighted strong demand for the company's offerings, particularly in the field of artificial intelligence (AI).

SMCI shares also rose Thursday after Meta Platforms, Inc. ( META ) reported its first-quarter results and increased its capital expenditures outlook amid the company's AI efforts.

SMCI is set to report its third-quarter financial results after the bell on April 30 and will host a conference call to discuss the results at 5:00 p.m. ET the same day. According to estimates from Benzinga Pro, analysts expect the company to report earnings of $5.84 per share and quarterly revenue of $3.99 billion. 

The company has beat analysts expectations for the last three reported quarters. 

Related News: Snap Shares Soar On Better-Than-Expected Q1 Results, Daily Active User Growth, Q2 Revenue Guidance

SMCI Stock Prediction 2024:

Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.

Shares of Super Micro Computer ( SMCI ) have an average 1-year price target of $961.13, representing an expected upside of 14.51%.

Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. 1 analyst has a bearish recommendation on Super Micro Computer ( SMCI ), while 10 analysts have bullish ratings. The street high price target from Loop Capital is $1500, while the street low from Susquehanna is $250.

SMCI Price Action: According to Benzinga Pro, Super Micro Computer ( SMCI ) shares are up 7.46% at $846.17 at the time of publication Friday.

Image: Courtesy of Super Micro Computer, Inc. ( SMCI )