UPDATE: Brean Murray Carret Lowers Synnex Price Target due to Disappointing Retail Sales

According to a research report published this morning, Brean Murray Carret reiterates a Buy rating for Synnex Corporation

and lowers its target price from $45 to $40. Brean Murray Carret mentions in the report, “SNX suspects retail PCs were hurt this Q by macro as well as 1) drive constraints at the beginning of the Q and 2) no upgrade option to Windows 8 for most of the Q for folks that wanted PCs. New partnerships with FFIV and IBM, anticipated back‐to‐school purchases, and the release of Windows 8 should allow SNX to outperform the market in the second half of 2012. We're reducing our estimates somewhat with guidance and reducing our TP to $40 from $45; we continue to like the name as SNX continues to generate mid‐single digit revenue growth. Excluding of the effect of the customer transition, SNX would have reported an overall 2.9% YoY growth rate.” Synnex Corporation closed yesterday at $33.04.