UPDATE: Bank Of America Reiterates On Ingram Micro Following Strong F2Q Results
In a report published Friday, Bank of America analyst Scott D. Craig reiterated a Buy rating on Ingram Micro (NYSE: IM), and raised the price target from $36.00 to $37.00.
In the report, Bank of America noted, “F2Q14 sales were better than us/Street due to a strong PC refresh/mobility, and EPS of $0.54 came in ahead of Street (in line with us). Ingram has continued to do a solid job of turning around underperforming operations and flat opex Q/Q on higher revenue is a positive. We expect to see margin expansion into 2015, on further restructuring ($80-100mn annual savings 2014-end). Reiterate our Buy rating.”
Ingram Micro closed on Thursday at $30.29.
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