UPDATE: Citigroup Reiterates Neutral Rating, Raises PT on SYNNEX Corporation

In a report published Friday, Citigroup reiterated its Neutral rating on SYNNEX Corporation SNX, and slightly raised its price target from $35.00 to $36.00. Citigroup noted, “SNX reported Nov qtr revs of $2.8B, in line with street estimates. However, EPS of $1.16 was significantly above consensus expectations of $1.03 due to better-than-expected GM (a result of good execution, lower reserves). Despite the Nov qtr EPS upside, mgt is guiding below the street on Feb qtr revs and EPS to reflect lingering macro and demand concerns. Company expects Feb qtr revs of $2.38-$2.48B (vs street $2.5B), and EPS of $0.85-0.89 (vs street $0.89).” SYNNEX Corporation closed on Thursday at $35.84.