Needham & Company Maintains a 'Buy' on Ingram Micro (IM); On A Pullback, Stock Compelling Given Tangible Book
Tweet
Share
E-mailGet Alerts IM Hot Sheet
Price: $38.89 --0%
Rating Summary:
3 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
3 Buy, 6 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Join SI Premium – FREE
Needham & Company maintains a 'Buy' on Ingram Micro (NYSE: IM), PT $23.
Needham analyst says, "Fundamentally, we have a difficult time downgrading the stock of a company that is not in decline, is making money, has a very liquid balance sheet, and yet is at (or even below) tangible book. Were it not for this fact, IM would be less appealing than the rest of distribution given its operational issues of late (e.g. logistics in Dec, ERP now) and its competitors crisp execution in an improving IT spending environment. Consequently, we maintain our Buy rating and $23 target based on 1.1x tangible book of $20.65, with pullbacks in the name representing attractive entry points without significant downside risk." (FY11 EPS estimate cut from $2.17 to $1.82 and FY12 from $2.35 to $2.15)
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.
Needham analyst says, "Fundamentally, we have a difficult time downgrading the stock of a company that is not in decline, is making money, has a very liquid balance sheet, and yet is at (or even below) tangible book. Were it not for this fact, IM would be less appealing than the rest of distribution given its operational issues of late (e.g. logistics in Dec, ERP now) and its competitors crisp execution in an improving IT spending environment. Consequently, we maintain our Buy rating and $23 target based on 1.1x tangible book of $20.65, with pullbacks in the name representing attractive entry points without significant downside risk." (FY11 EPS estimate cut from $2.17 to $1.82 and FY12 from $2.35 to $2.15)
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Coherent (COHR) PT Raised to $420 at Needham
- Needham Reiterates Buy Rating on WhiteFiber Inc (WYFI)
- Veritone (VERI) PT Lowered to $5 at Needham
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
Needham & CompanySign 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!
