Needham & Company Resumes Tech Data (TECD) at Buy

Needham & Company resumes coverage on Tech Data (NASDAQ: TECD) with a Buy rating and a price target of $100.00.

Analyst Sean K.F. Hannan sees an opportunistic entry point following the disappointing F2Q (and guidance) that appears to have been over-interpreted (in our view) and more attributable to short-term hurdles/factors.

Hannan commented, "Fundamentally, we view TECD as a leading global technology distributor that offers 1-stop shopping for its large customer base (~115K VARs). Also, we think the company is well positioned to benefit from technology shifts and trends relating to themes such as 3rd platform growth (converged and hyper-converged infrastructure, cloud and software-defined solutions, complex security)."

For an analyst ratings summary and ratings history on Tech Data click here. For more ratings news on Tech Data click here.

Shares of Tech Data closed at $85.89 yesterday.

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