Needham & Company analyst Richard Kugele assumes coverage on Super Micro Computer (NASDAQ: SMCI) with a Buy rating and a price target of $31.00.

Kugele comments, "With an unbroken track record of profitability since inception, Super Micro has a history of defying the odds. SMCI has found success in a highly competitive (and increasingly commoditized) market by leveraging its technical engineering prowess and bespoke product suite. Looking forward, we believe SMCI can capitalize on the current market turmoil (e.g. IBM/Lenovo) to drive share gains within enterprise, storage and internet/data center markets, as further evidenced by their robust F4Q results."

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Shares of Super Micro Computer closed at $26.89 yesterday.