Needham & Company Upgrades Tech Data (TECD) to Buy

Needham & Company upgraded Tech Data (NASDAQ: TECD) from Hold to Buy with a price target of $107.00.

Analyst Richard Kugele commented, "We believe that the temporary uncertainty created by the lack of F1Q guidance (due to the timing of the close of the Avnet Tech Solutions deal) creates a window for us to become more positive on TECD. The company’s execution in F17 was extremely impressive, in our view, gaining share in key areas while improving margins and EPS. With their expanded solutions business driving material accretion, we see upside to the $107 range based on 12x F18 EPS of $8.93."

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 $89.87 yesterday.

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