Needham & Company Upgrades Ingram Micro (IM) to Buy

February 14, 2013 8:17 AM EST Send to a Friend
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Price: $28.90 --0%

Rating Summary:
    9 Buy, 2 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 3 | Down: 4 | New: 17
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Needham & Company upgraded Ingram Micro (NYSE: IM) from Hold to Buy with a price target of $22.00 following "impressive" Q4 results.

The firm comments, "We are upgrading Ingram to Buy from Hold and instituting a 12-month price target of $22 based on roughly 1.2x tangible book of $18.33. In our 2013 Outlook piece in January we highlighted IM as a name on the bubble for an upgrade given our expectation for better IT spending later in the year. As is often the case on Wall Street, we should have gone with our instincts. Bolstered by an improved cost position within many of its wayward geographies and the margin- accretive BrightPoint acquisition, we expect IM to post solid growth in 2013. Trading near tangible book, we believe NOW is the time for investors with a full-year time horizon to get involved."

The firm raised FY13 EPS from $1.77 to $2.13 and sees FY14 EPS of $2.32.

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 $18.47 yesterday.




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