UPDATE: Bank of America Merrill Lynch Reiterates Buy Rating, Lowers PT on SYNNEX Corporation

In a report published Friday, Bank of America Merrill Lynch reiterated its Buy rating on SYNNEX Corporation

, but slightly lowered its price target from $41.00 to $40.00. BofA Merrill Lynch noted, “Synnex is one of the leading distributors of IT related products, with a particularly strong position in North America. The company should benefit from an improved IT spending environment over the long term and from market share gains through execution. Our Buy thesis is predicated on the company's pending margin leverage (mix shift, low-cost operating model, execution), compelling valuation, anticipated share gains, and expected upward revisions to Street EPS estimates.” SYNNEX Corporation closed on Thursday at $35.84.