Super Micro Q4, FY26 estimates look ‘correctly calibrated,’ says Northland

After Super Micro (SMCI) negatively pre-announced fiscal Q3 revenue and non-GAAP EPS will be about 17% and 44%, respectively, below the prior midpoints of guidance, Northland contends the miss was likely driven by some customers choosing to move from Nvidia’s (NVDA) Hopper to Blackwell during the March-end quarter. However, the statement that “new generation product design wins are robust” is an indication that the firm’s fiscal Q4 and FY26 estimates are “correctly calibrated,” argues the analyst, who reiterates an Outperform rating and $70 price target on Super Micro shares.