UPDATE: Bank Of America Reiterates On SYNNEX On Strong Beat To Quarter With Conservative Guide
In a report published Thursday, Bank of America analyst Scott D. Craig reiterated a Buy rating on SYNNEX (NYSE: SNX), and raised the price target from $80.00 to $85.00.
In the report, Bank of America noted, “F2Q14 revenue/EPS were both significantly above our/consensus estimates and guidance, due to revenue growth as well as margin improvement. Management noted broad-based strength in distribution (TS), aided by the Windows XP expiration and Japan demand ahead of consumption tax increase. SNX guided very conservatively for F3Q14 (below us/Street), and expects to see sub-seasonal demand within distribution (following a very strong F2Q) and make additional investments in SG&A to grow Concentrix. We are modeling F3Q14 EPS at the upper-end of guidance at $1.50, with upside potential likely. Buy.”
SYNNEX closed on Wednesday at $73.93.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.