Needham & Company Assumes Tech Data (TECD) at Hold
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
- Rockwell Automation (ROK) Said to Attract Takeover Interest from Schneider Electric - Source
- British American Tobacco Offers to Acquire Remaining Shares of Reynolds American (RAI) for $56.50/Share
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Needham & Company Reiterates Buy on Proofpoint (PFPT) Following Strong 3Q
- RBC Capital Raises Price Target on Benchmark Electronics (BHE) Following In-Line 3Q
- PayPal (PYPL) PT Raised to $45 at Oppenheimer
Create E-mail Alert Related CategoriesAnalyst EPS View, New Coverage
Related EntitiesNeedham & Company
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!