(This is CNBC Pro’s live coverage of Wednesday’s analyst calls and Wall Street chatter. Please refresh every 20-30 minutes to view the latest posts.) Two names tied to the artificial intelligence trade were among the stocks being talked about by analysts on Wednesday. Analysts gave their assessment of the latest Super Micro Computer quarterly results. Meanwhile, Piper Sandler reiterated Advanced Micro Devices as a top pick, citing market share gains. Check out the latest calls and chatter below. All times ET. 6:30 a.m.: B. Riley downgrades TripAdvisor, cites deteriorating growth setup B. Riley is moving to the sidelines on TripAdvisor , downgrading shares to neutral from buy as revenue growth and margins worsen. “While a slowdown in travel and high competition are presenting headwinds to top-line growth, mgmt’s planned investments into initiatives to position the business for sustainable growth will hurt margins in the near term,” wrote analyst Naved Khan. TripAdvisor sank more than 15% in premarket trading after the online travel company posted a second-quarter revenue miss after the bell Tuesday. The stock is down 24% year to date. TRIP 5D mountain TRIP falls The analyst also cited a lack of near-term catalysts among the reasons for the downgrade, noting a progressive “step-down” in Viator over the last several quarters. The firm no longer views a “spinoff of the business as a near-term event, removing a potential catalyst for the stock,” he added. Khan lowered his price target to $19 from $26, reflecting 16% upside from Tuesday’s close. — Samantha Subin 6:08 a.m.: BTIG upgrades TrueCar, cites ‘compelling entry point’ BTIG is turning more bullish on TrueCar , upgrading shares to a buy rating following the recent sell-off. “We believe investors should look through the next few quarters and focus more on the attractive medium and long-term fundamentals that are developing,” wrote analyst Marvin Fong, calling the pullback a “compelling entry point.” The automotive marketplace stocks sank 14% during Tuesday’s session after posting mixed second-quarter results. The stock is down 26% since the start of August. TRUE 5D mountain TRUE 5-day chart Underpinning the upgrade is a bet on an improving dealer environment and the company’s [TrueCar]+ program, which Fong noted is the “first, fully-digital transaction engine offered by an automotive marketplace.” He also established a $3.75 price target, implying 38% upside from Tuesday’s close. “While prospects for a recovery in the core business look positive, TRUE has new solutions that should drive incremental revenue and could take sales past historical peaks,” he wrote, adding that the risk-reward looks “attractive.” — Samantha Subin 5:54 a.m.: Wall Street weighs in on Super Micro Computer’s disappointing gross margins Some analysts are standing by Super Micro Computer , even as gross margin concerns offset a strong revenue outlook and ongoing AI demand. “With the recent stock correction, valuation is more reasonable,” wrote Barclays analyst Tim Long, noting that the 11% premarket drop suggests shares now trade at 15 times 2025 EPS estimates. “While the stock might be in a penalty box near term on [gross margin] headwinds, we continue to highlight time to market and [direct liquid cooling] share gains for SMCI.” The server company topped fiscal fourth-quarter revenue estimates but fell short of earnings expectations. Gross margins dropped to 11.2% from 17% in the year-ago quarter and from 15.5% in the third quarter. Super Micro also announced a 10-for-1 stock split. The stock has slumped 27% over the last month amid a reckoning in technology stocks and the broader market. Shares have also lost nearly half their value since hitting a closing high in March. JPMorgan analyst Samik Chatterjee reiterated his outperform rating and $950 price target, referring to Super Micro as a “show-me” story. He expects gross margins to improve in the fiscal fourth quarter and return to the long-term range by 2025 as discounts dwindle and manufacturing efficiencies pick up. “Admittedly, SMCI will be a show-me story on margin improvement following challenging margins reported in F4Q, and we expect the P/E multiple attributed to the shares to be contingent on delivery to the margin improvement expectations,” he wrote, with the target reflecting 54% upside from Tuesday’s close. To be sure, some on Wall Street are treading carefully. Goldman Sachs analyst Michael Ng reiterated a neutral rating and moved his price target to $675 from $775 a share, citing “uncertainty” surrounding the long-term outlook for margins. “We remain cautious on increased competition in the AI server market from traditional vendors and [original design manufacturers] as well as from SMCI concentration risk in AI shipments with ~5-7% of unit shipments accounting for ~60% of revenue,” said Wells Fargo’s Aaron Rakers. — Samantha Subin 5:54 a.m.: Piper Sandler reiterates AMD as a top pick Nvidia gets most of the fanfare in the semiconductor rate, but Piper Sandler thinks investors need to also pay attention to AMD . Analyst Harsh Kumar reiterated the stock as a top pick. He has an overweight rating on shares and a price target of $175, which implies upside of 34%. “We continue to like AMD especially given the recent industry pullback. Our expectations see AMD taking roughly 20% share of the $400B accelerator market by 2028. Additionally, reaffirmed by last week’s INTC (not covered) results, we see AMD gaining significant share in the traditional server market,” Kumar said in a note. Market share gains for AMD “in the traditional server market are expected to continue given the lackluster execution from industry incumbents INTC. We see this transition continuing to take shape over the next several years as AMD generates additional wins at key customers at the expense of INTC,” the analyst added. AMD shares have struggled this year, losing more than 11%. AMD YTD mountain AMD year to date — Fred Imbert
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