Loop Capital analyst Ananda Baruah raised his price target on Synnex to $160 after the company's Q4 earnings beat. The analyst says the recent acquisition of Westcon-Comstor can add at least $1 to FY18 EPS, as the company also benefits from rising investment in Internet of Things and Cloud technologies. Baruah keeps his Buy rating on Synnex.
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The deal size was increased to 10.5M shares of common stock from 9M shares of common stock and the range was $109.00-$116.00. JPMorgan, Barclays, BofA and Mizuho acted as joint book running managers for the offering.
Barclays raised the firm's price target on TD Synnex to $118 from $111 and keeps an Equal Weight rating on the shares. The company reported largely in-line fiscal Q1 results and the new $2B share repurchase authorization is a modest positive, the analyst tells investors in a research note. The firm says TD Synnex's margins outperformed again although revenue continues to be impacted by Advanced Solutions weakness and Hyve consignment shift.