Needham & Company Assumes Tech Data (TECD) at Hold
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Needham & Company assumes coverage on Tech Data (NASDAQ: TECD) with a Hold rating.
Analyst Richard Kugele commented, "While it is tempting to assume coverage of TECD with a Buy vs. a Hold (in the wake of the F2Q miss, guide down and >8% decline in the stock) we believe the multiple required to justify a meaningful price target would significantly exceed the rest of the peer group. However, we also argue that if TECD can drive greater leverage in the Americas and Europe (or if IT spending improves from the ‘flat’ 2H level that industry analysts expect) estimates could rise enough to justify revisiting the TECD story. We assume coverage of TECD with a Hold"
Shares of Tech Data closed at $80.30 yesterday.
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