KeyBanc Downgrades ScanSource (SCSC) to Hold; Weak IT Spending Cuts Out Positive N-T Catalyst
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Price: $53.19 +1.64%
Rating Summary:
4 Buy, 4 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
4 Buy, 4 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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KeyBanc downgraded ScanSource (NASDAQ: SCSC) from Buy to Hold.
Analyst, Anthony Kure, said, "While we think the current valuation limits the downside, we cannot identify a material positive near-term catalyst in the context of what appears to be a weak IT spending environment. Overall, we see limited opportunity for material out-performance given peer and supplier commentary and outlook for IT spending trends. We are still positive on SCSC's long-term growth opportunities based on the Company's solid model, effective execution and secular trends in the industry, but we think the positive impact will be limited at best for the foreseeable future."
FY13 EPS estimate cut from $2.84 to $2.69.
For an analyst ratings summary and ratings history on ScanSource click here. For more ratings news on ScanSource click here.
Shares of ScanSource closed at $30.59 yesterday.
Analyst, Anthony Kure, said, "While we think the current valuation limits the downside, we cannot identify a material positive near-term catalyst in the context of what appears to be a weak IT spending environment. Overall, we see limited opportunity for material out-performance given peer and supplier commentary and outlook for IT spending trends. We are still positive on SCSC's long-term growth opportunities based on the Company's solid model, effective execution and secular trends in the industry, but we think the positive impact will be limited at best for the foreseeable future."
FY13 EPS estimate cut from $2.84 to $2.69.
For an analyst ratings summary and ratings history on ScanSource click here. For more ratings news on ScanSource click here.
Shares of ScanSource closed at $30.59 yesterday.
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