Baird Remains Neutral on CDW (CDW) Following Solid 3Q Results
Baird reiterated a Neutral rating on CDW Corporation (NASDAQ: CDW), and raised that the price target to $50.00 (from $42.00), following the company's 3Q earnings report. CDW reported revenue and non-GAAP EPS of $3.5 billion and $0.84 versus consensus of $3.62 billion and $0.80.
Analyst Jayson Noland commented, "CDW posted a solid quarter despite headwinds in its Public vertical. We view the expanded Dell partnership and international expansion via Kelway as meaningful long-term positives. The company continues to execute very well in an inconsistent macroeconomic environment. We see upside/downside in the shares as balanced at current levels given valuation."
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Shares of CDW Corporation closed at $44.46 yesterday.