UPDATE: JPMorgan Downgrades CDW Corporation (CDW) to Underweight
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JPMorgan analyst Paul Coster downgraded CDW Corporation (NASDAQ: CDW) from Neutral to Underweight with a price target of $115.00.
The analyst comments "CDW stock has rebounded sharply along with the broader market and multiples are approaching pre-COVID-19 levels, which are well ahead of historical averages. We expect demand to improve on gradual reopening of cities, so there may be some upside to near term EPS estimates, but we think the stock multiple already prices in a strong recovery even against more-normalized FY22 estimates. In short, valuation feels stretched again and we expect the stock to underperform the mean of our coverage in the next 6-12 months, though we do not view CDW stock as a short."
Shares of CDW Corporation closed at $128.29 yesterday.
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