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Fly News Breaks for April 2, 2018
SNX
Apr 2, 2018 | 08:04 EDT
Stifel analyst Matthew Sheerin lowered his FY18 and FY19 revenue and EPS estimates for Synnex (SNX) after the company's Q1 earnings report and lighter than expected Q2 guidance, which is primarily due to near-term revenue and margin headwinds at the company's Hyve Solutions cloud-server business. The cloud-server business has heavy customer concentration, with Facebook (FB) its largest customer, believes Sheerin. Given the lower outlook, he cut his price target on Synnex shares to $140, but he maintains a Buy rating on the stock.
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