Goldman Sachs Removes Ingram Micro (IM) From Conviction Buy List
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Price: $38.89 --0%
Rating Summary:
3 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
3 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Goldman Sachs removed Ingram Micro (NYSE: IM) from its Conviction Buy list, but is maintaining a Buy rating, following a March quarter that missed expectations.
The firm lowered estimates to reflect the impact from the ERP implantation and slightly lower margins. New CY11/12/13 EPS are $2.00, $2.60, and $2.96, down from $2.40, $2.75, and $3.10. The firm's price target goes from $24 to $23.
The firm's Buy rating remains due to attractive valuation with the stock trading near tangible book value of $20.15. The firm also expects the company to be more more aggressive with its $400mn stock buyback authorization on any stock weakness.
For more ratings news on Ingram Micro click here and for the rating history of Ingram Micro click here.
Shares of Ingram Micro closed at $20.95 yesterday.
The firm lowered estimates to reflect the impact from the ERP implantation and slightly lower margins. New CY11/12/13 EPS are $2.00, $2.60, and $2.96, down from $2.40, $2.75, and $3.10. The firm's price target goes from $24 to $23.
The firm's Buy rating remains due to attractive valuation with the stock trading near tangible book value of $20.15. The firm also expects the company to be more more aggressive with its $400mn stock buyback authorization on any stock weakness.
For more ratings news on Ingram Micro click here and for the rating history of Ingram Micro click here.
Shares of Ingram Micro closed at $20.95 yesterday.
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