UPDATE: Goldman Sachs Group Reiterates Sell Rating, Lowers PT on Tech Data Corp.

In a report published Wednesday, Goldman Sachs Group reiterated its Sell rating on Tech Data Corp.

, but slightly lowered its price target from $43.50 to $43.00. Goldman Sachs noted, “We continue to rate shares of TECD Sell. The company is executing well in Europe, although a setback due to an ERP implementation in the US, heightened price competition, and mix shift are pressuring margins. At the same time, the deal with SDG is expected to reduce Tech Data's tangible book value per share by around $6 from the current level of $44.50.” Tech Data Corp. closed on Tuesday at $44.62.