Barclays Maintains an 'Equalweight' on Ingram Micro (IM); ERP Issues Persist - But Generally in Line With Our Lowered Expectations

Barclays maintains an 'Equalweight' on Ingram Micro (NYSE: IM) price target of $18.00.

Barclays analyst says, "Ingram Micro reported fiscal 3Q11 in line with results preannounced on 8/17...Revenues in the Americas fell short of our expectations while revenues in Europe were ahead of revised expectations...Our estimates balance a lower share count and prospects for lower OPEX, with lower revenues & gross margins. For F4Q11, we now estimate EPS of $0.54 (was $0.57) based on a 2.0% decline in revenue growth to $9.7 billion (was $10.2bn). For FY11 we now estimate EPS of $1.57 (was $1.61) based on 4% y/y revenue growth to $36.1 billion (was $36.6bn). For FY12 we still estimate EPS of $1.93 based on 3.5% y/y revenue growth to $37.3 billion (was $37.9bn) and gross margin of 5.16% (was 5.31%) as lower share count and lower operating expenses offset lower revenues."

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 $18.42 yesterday.

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