JPMorgan Downgrades Insight Enterprises (NSIT) to Neutral as Spot Price Passes Price Target

June 16, 2021 4:58 AM EDT
Get Alerts NSIT Hot Sheet
Price: $92.07 -1.33%

Rating Summary:
    2 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 8 | Down: 8 | New: 9
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JPMorgan analyst Paul Coster downgraded Insight Enterprises (NASDAQ: NSIT) from Overweight to Neutral with a price target of $106.00.

The analyst comments "NSIT stock is trading at ~10.7x our CY21 PF EBITDA estimate and ~15.1x our CY21E PF EPS, which are above the three-year averages but still below the multiples for near-peer CDW. The stock has re-rated positively over the last year on solid execution and successful integration of the PCM business. At these multiples we believe NSIT is approaching fair-value, reflecting earnings growth prospects in the 7 - 10% range. Our Neutral rating reflects our view that the stock will trade in line with the mean of our coverage universe in the next year; it is not a call to sell the stock."

For an analyst ratings summary and ratings history on Insight Enterprises click here. For more ratings news on Insight Enterprises click here.

Shares of Insight Enterprises closed at $106.60 yesterday.

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