JPMorgan Downgrades Insight Enterprises (NSIT) to Neutral as Spot Price Passes Price Target
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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."
Shares of Insight Enterprises closed at $106.60 yesterday.
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