Needham & Company Maintains a 'Buy' on Ingram Micro (IM); Disappoints Again, But Valuation There
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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
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Needham & Company maintains a 'Buy' on Ingram Micro (NYSE: IM) price target lowered from $23 to $20.
Needham analyst says, "Last night’s negative pre-release from Ingram continues a string of disappointments from the company that crop up every couple of quarters and erode investor confidence. We remain positive on IM shares as we believe that global IT spending, while not robust, can see mid-single digit growth in 2012 and that Ingram as the largest distributor, will benefit. The stock remains well below tangible book, therefore we maintain our Buy."
"Adjusting estimates to account for the negative pre-release and possibility of lower margins near-term. Our 3Q numbers go from $9B/$0.44 to $8.9B/$0.33. Our 2011 estimates are revised downward from $36.5B/$1.82 to $36.2B/$1.61. Our 2012 estimates are also revised downward from $37.6B/$2.15 to $36.9B/$2.00."
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 $18.72 yesterday.
Needham analyst says, "Last night’s negative pre-release from Ingram continues a string of disappointments from the company that crop up every couple of quarters and erode investor confidence. We remain positive on IM shares as we believe that global IT spending, while not robust, can see mid-single digit growth in 2012 and that Ingram as the largest distributor, will benefit. The stock remains well below tangible book, therefore we maintain our Buy."
"Adjusting estimates to account for the negative pre-release and possibility of lower margins near-term. Our 3Q numbers go from $9B/$0.44 to $8.9B/$0.33. Our 2011 estimates are revised downward from $36.5B/$1.82 to $36.2B/$1.61. Our 2012 estimates are also revised downward from $37.6B/$2.15 to $36.9B/$2.00."
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 $18.72 yesterday.
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