SYNNEX Corp. (SNX): Good Quarter But Maintaining Hold - Needham
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Needham & Company analyst, Richard Kugele,reiterated his Hold rating on shares of SYNNEX Corp. (NYSE: SNX) after the company reported impressive F3Q results.
The company exceeded both revenue and EPS guidance/consensus by $200M/$0.17, respectively. Strength in the quarter was driven by execution first and foremost but also by the Hyve business (recall they do all final test and configuration for Facebook among other hyperscale players) and a stable IT spending environment. Concentrix also showed a solid performance (especially on operating margin) but remains challenging to model accurately.
The analyst believes he missed the opportunity on SNX in the near term and will wait for a more attractive entry point; therefore he maintains the Hold rating. However, the demand commentary and strong data center spending performance bode well for CDW (NASDAQ: CDW), WDC (NASDAQ: WDC) and STX (NASDAQ: STX).
Shares of SYNNEX Corp. closed at $106.18 yesterday.
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