UPDATE: Goldman Sachs Lowers PT on Synnex to $34.50

Goldman Sachs reiterates a Neutral rating on Synnex

and decreases its price target from $36 to $34.50. Goldman Sachs remarks, “Synnex reported May quarter revenues of $2.48 bn, $30 mn lower than the Street, while EPS of $0.90 was in line with expectations. Gross margin of 6.30% was 5 bp ahead our estimate and operating margins were essentially in line. The midpoint of guidance for the August quarter is revenue of $2.60 bn and EPS of $0.93, compared to the Street at $2.68 bn and $1.00. Management commented that SMB demand is holding up well; however, weakness in retail is weighing on growth, with revenue in the quarter and outlook missing by 1% and 3% respectively.” Synnex closed at $33.04 on Monday.