Loading...
Loading...
Citigroup initiated coverage on Ingram Micro
IM with a Neutral rating and a $17 price target.
Citigroup noted, "We would become more constructive on the shares if the following catalysts materialize: 1) overall macro environment improves, particularly in Europe, 2) signs that the company is regaining meaningful share in Australia following the ERP hiccup, 3) we see enough evidence that the pending integration of Brightpoint does not pose a meaningful operational risk, 3) shares retreat more than 40% below tangible book ($22 is current tangible book value), which is generally where the shares have troughed in the past."
Ingram Micro closed at $15.36 on Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in