Tech Data (TECD) PT Raised to $59 at Goldman Sachs

Goldman Sachs maintained a Neutral rating on Tech Data (NASDAQ: TECD) and raised its price target to $59.00 (from $54.00). The change follows Q2 results.

Analyst Bill Shope said, "It was encouraging to see Tech Data bounce back from 1Q’s disappointing results. Broadly, the IT demand environment continues to improve, particularly in Europe where Tech Data has significant exposure. We temper our enthusiasm, however, as we expect the benefits of the XPdriven PC refresh to wane in the back half and GMs should normalize from 2Q’s surprisingly high levels. Factoring in the quarter’s results, we adjust our FY15/16/17 EPS estimates to $5.25/$6.02/$6.14 from $4.98/$5.89/$5.91."

For an analyst ratings summary and ratings history on Tech Data click here. For more ratings news on Tech Data click here.

Shares of Tech Data closed at $66.29 yesterday.

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