Ingram Micro (IM) Q4 Results 'Impressive', Needham & Company Says; PT Raised to $32

February 14, 2014 6:40 AM EST
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Needham & Company analyst Richard Kugele boosted his price target on Buy-rated Ingram Micro (NYSE: IM) from $26 to $32 following "impressive" Q4 results.

"Ingram appears to be firing on all cylinders, with impressive results from the core distribution business, IM Logistics, and IM Mobility," Kugele said. "After years of struggles, even the Australian business returned to operating profitability in the quarter. Not to rest on his past successes, CEO Alain Monie announced a restructuring to streamline the company and focus on its growth initiatives. Savings from the program are to be quite substantial ($80-90M annually once fully implemented), with benefits coming in mid-2014. With IM performing well amidst a stable-to-improving IT spending year, we reiterate our Buy rating and increase our price target to $32 from $26 based on 12x C14 EPS of $2.65."

The firm raised FY 2014 EPS from $0.92 to $1.12 and set FY 2015 EPS at $0.96.

For an analyst ratings summary and ratings history on Ingram Micro click here. For more ratings news on Ingram Micro click here.

Shares of Ingram Micro closed at $25.95 yesterday.

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