Needham & Company assumes coverage on SYNNEX Corp. (NYSE: SNX) with a Hold rating.

Analyst David Rold commented, "While SNX is one of the better executing companies in our coverage, we believe near-term upside in the stock will be limited by the temporary headwinds we describe below. However, we also believe the company is very well positioned for strong growth in the medium term as these headwinds abate and SNX continues to grow both its core Distribution business as well as its more unique assets, Hyve and Concentrix. With the stock already at a premium to the group in a volatile market, we are transferring coverage at Hold as we await opportunities to become more constructive."

For an analyst ratings summary and ratings history on SYNNEX Corp. click here. For more ratings news on SYNNEX Corp. click here.

Shares of SYNNEX Corp. closed at $82.50 yesterday.