Sterne Agee Cuts Estimates and Price Target on SYNNEX Corp. (SNX); Weakness In Retail

Sterne Agee maintains a 'Neutral' on SYNNEX Corp. (NYSE: SNX) price target of $32.00 (from $38.00).

Sterne Agee analyst said, "SNX reported an in-line May quarter where gross margin came in lower at 6.3% (vs. 6.4%-6.5% consensus) but offset by lower expenses. However, there may be concern that its outlook was more conservative than expected where the company is citing its continued transition to a fee-for-logistics model and weakness in retail."

FY12 EPS/revenue estimate cut from $4.25/$10.6 bln to $4.05/$10.4 bln. FY13 cut from $4.55/$11.3 bln to $4.30/$10.9 bln.

For an analyst ratings summary and ratings history on SYNNEX Corp. click here. For more ratings news on SYNNEX Corp. click here.

Shares of SYNNEX Corp. closed at $33.04 yesterday.

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