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Needham & Company Reiterates a 'Strong Buy' on SYNNEX Corp. (SNX); Buyers on Weakness

March 28, 2012 7:49 AM EDT
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Price: $116.00 --0%

Rating Summary:
    11 Buy, 6 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 9 | Down: 8 | New: 10
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Needham & Company reiterates a 'Strong Buy' on SYNNEX Corp. (NYSE: SNX) price target of $42.00.

Analyst, Richard Kugele, said, "After such a strong run-up since the last earnings call (up 36% vs S&P 500’s up 9% since Jan 10) F1Q report and F2Q guidance had to be flawless and not require explaining. Unfortunately, we expect SNX to be under pressure as a number of crosscurrents (which we don’t see fully reflected in Street estimates) impact F2Q guidance. None of these issues is thesis-changing, in our view, but we expect them to impact the model and short-term perception. We would be buyers on any related pullback."

Needham lowers FY12 EPS estimate from $4.24 to $4.19, but raises FY13 from $4.44 to $4.98.

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 $43.64 yesterday.


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