UPDATE: Stifel Upgrades SYNNEX Corporation to Buy, Names $71 PT as Sell-Off Appears Overdone

In a report published Tuesday, Stifel analyst Matthew Sheerin upgraded the rating on

from Hold to Buy, and named a $71.00 price target. In the report, Stifel noted, “We are upgrading our investment rating on shares of IT distributor Synnex to Buy from Hold, as we believe the recent sell-off in shares has been overdone, creating a compelling risk-reward scenario. Shares are down roughly 9% YTD and 15% in the last two weeks (vs. up 7% YTD and roughly flat for the S&P 500), and now trade at 9.6x forward P/E, in-line to slightly below its peers. The stock appears to be pricing in an earnings miss, but we expect August-quarter earnings to be in-line to slightly better than Consensus.” SYNNEX closed on Monday at $61.02.