BofA resumes Super Micro Computer coverage with 'underperform' rating

** BofA resumes coverage of AI server maker Super Micro Computer SMCI with "underperform" rating, saying rising competition in the AI server market could pressure company's margins

** Liquid cooling may get commoditized over time, as many companies now offer their own version - brokerage

** SMCI may need more funds for working capital, which can be dilutive to existing shareholders - BofA

** Brokerage sets PT on SMCI at $35, about 28.7% downside on stock's last close

** Seven of 18 brokerages rate the stock "buy" or higher, eight rate "hold," and three "sell"; their median PT is $36.97, according to data compiled by LSEG

** Including session's moves, stock up ~60.8% YTD