BofA/Merrill Lynch Upgrades Ingram Micro (IM) to Buy

BofA/Merrill Lynch upgraded Ingram Micro (NYSE: IM) from Underperform to Buy with a price target of $36.00 (from $28.00) on PC strength and margin expansion.

Analyst Scott Craig expects the company to benefit from 1) the better than expected PC refresh cycle, (2) improving technology solutions margins (distribution, supply chain etc.) on restructuring, and (3) greater mix of higher-margin Mobility and Cloud offerings.

F2015/F2016 EPS goes from $2.94/$3.14 to $3.07/$3.64.

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 $28.83 yesterday.

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