TD Synnex (SNX) PT Raised to $130 at Stifel

Stifel analyst Matthew Sheerin raised the price target on TD Synnex (NYSE: SNX) to $130.00 (from $120.00) while maintaining a Buy rating.

The analyst commented, "We maintain our positive stance on SNX shares and raise our PT to $130 following a mixed Q1 print and Q2 guide, but amid increasing signs that end demand has likely bottomed and will pick up in 2H. In addition, margins should continue to benefit from growth in cloud, software and services. Although SNX missed Consensus net revenue and grossing billings for the quarter (-7.6% and -4.6% y/y, respectively), it blamed the shortfall on weaker demand for smartphones and components, but saw y/y growth in PCs for the first time in several quarters, and expects growth to accelerate in 2H24. It also expects demand for advanced solutions products, which have been weak on a drop-off in backlog, to stabilize in the next quarter and show AI-driven growth in 2HFY24. We lower our forward revenue estimates but raise our EPS estimates to reflect better mix and leverage."

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