UPDATE: Goldman Sachs Reiterates Neutral Rating, Lowers PT on SYNNEX Corporation

In a report published Wednesday, Goldman Sachs Group reiterated its Neutral rating on SYNNEX Corporation SNX, but lowered its price target from $37.00 to $35.00. Goldman Sachs noted, “Synnex reported an in-line August quarter, but guided the November quarter 3.5% below the Street on sales and 10% below on EPS. Guidance of 7% sequential growth at the mid point compares to typical seasonality of around 10%, with the delta reflecting weakness in the consumer market. In addition, Synnex is likely to be more selective on business it chooses to compete on, given pricing pressure has intensified. We are lowering our EPS estimates, reflecting a reduction in sales and margins. Our FY12/13/14 EPS goes to $3.86/$4.10/$4.67, down from $4.05/$4.35/$4.82.” SYNNEX Corporation closed on Tuesday at $34.25.