UPDATE: Bank of America Establishes $21 PT on Ingram Micro

A report from Bank of America reiterates its Neutral rating and establishes a $21 price target on Ingram Micro (NYSE: IM).

The report states, “Ingram's F3Q11 revenue of $8.9bn was inline with our/Street's expectations prior to the preannouncement on 10/17 and EPS of $0.33 was below our/Street's $0.37/$0.35 (preannounce guidance $0.32-0.34). While no official 4Q11 guidance was given, commentary around the demand environment and margins, along with the macro and continued execution issues, points to a challenging near-term environment, and we are cutting revenue and EPS estimates again."

IM closed yesterday at $18.51.