Supermicro price target lowered to $28 from $67.50 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on Supermicro (SMCI) to $28 from $67.50 and keeps a Neutral rating on the shares. The reduction in the target reflects the increased risks to estimates due to disruption from Supermicro’s delayed annual filing and auditor resignation, the analyst tells investors in a research note. The firm says the company’s Q1 preliminary results and Q2 outlook missed on lower than expected revenue. Combined with the absence of revenue guidance reiteration, it appears Supermicro may potentially be seeing some business challenges, contends Goldman.