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- Morgan Stanley analyst Katy Huberty downgraded CDW Corp (NASDAQ:CDW) to Equal Weight from Overweight with a price target of $196, down from $208, suggesting a 12% upside, as part of the downgrade of her IT Hardware industry view to Cautious.
- The firm's U.S. Equity Strategy Team believes the market is in the later innings of a mid-cycle transition, and Hardware has been the worst-performing Tech group and underperformed the S&P by 11% over the past four months, Huberty noted.
- She points to emerging cautious data points, including a decelerating CIO Hardware spending growth outlook in 2022, rising channel inventory, and recent overconsumption of PC and peripheral products.
- The data points signal an "impending" shift to late cycle, which should bring underperformance for the IT Hardware group.
- While still bullish long-term on CDW, Huberty cites "near record-high valuation" and its 45% revenue exposure to PCs for her lower rating.
- Price Action: CDW shares are trading lower by 5.4% at $174.13 on the last check Wednesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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