KeyBanc Raises Price Target on ScanSource (SCSC) Following New Outlook
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Price: $54.69 +2.53%
Rating Summary:
4 Buy, 4 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 15 | Down: 18 | New: 23
Rating Summary:
4 Buy, 4 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 15 | Down: 18 | New: 23
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KeyBanc is reaffirming its Buy rating on shares of ScanSource (NASDAQ: SCSC) and is raising its price target from $40 to $42 following updated Q2 expectations.
The company new Q2 sales expectations of $775-$785 million, up from $755-$775 million, exceed the firms and Street's previous forecasts. Management did not provide any details on what the upside was resulted from.
To go inline with the company's new guidance, KeyBanc has increased its Q2 and FY12 EPS estimates from $0.67 and $2.78 to $0.69 and $2.80. The firm also upped its FY13 EPS estimate from $3.09 to $3.16.
The firm highlights the company's new guidance goes inline with their market checks and previous expectations.
An analyst at the firm comments, "Our thoughts were predicated on our positive assessment of December quarter demand trends following our analysis of SCSC’s vendor expectations, the Company’s historical performance relative to its vendors along with anecdotal comments from our proprietary channel contacts. We examined the publicly stated expectations among several of the Company’s larger vendors, and we found SCSC’s vendors were expecting to grow an average of 6% sequentially into the December quarter."
For an analyst ratings summary and ratings history on ScanSource click here. For more ratings news on ScanSource click here.
Shares of ScanSource closed at $35.42 yesterday.
The company new Q2 sales expectations of $775-$785 million, up from $755-$775 million, exceed the firms and Street's previous forecasts. Management did not provide any details on what the upside was resulted from.
To go inline with the company's new guidance, KeyBanc has increased its Q2 and FY12 EPS estimates from $0.67 and $2.78 to $0.69 and $2.80. The firm also upped its FY13 EPS estimate from $3.09 to $3.16.
The firm highlights the company's new guidance goes inline with their market checks and previous expectations.
An analyst at the firm comments, "Our thoughts were predicated on our positive assessment of December quarter demand trends following our analysis of SCSC’s vendor expectations, the Company’s historical performance relative to its vendors along with anecdotal comments from our proprietary channel contacts. We examined the publicly stated expectations among several of the Company’s larger vendors, and we found SCSC’s vendors were expecting to grow an average of 6% sequentially into the December quarter."
For an analyst ratings summary and ratings history on ScanSource click here. For more ratings news on ScanSource click here.
Shares of ScanSource closed at $35.42 yesterday.
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