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Fly News Breaks for August 31, 2018
TECD
Aug 31, 2018 | 05:35 EDT
BofA/Merrill analyst Param Singh double downgraded Tech Data to Underperform from Buy and cut its price target to $80 from $105 following the Q2 miss and guidance. Singh said Tech is facing structural margin issues from a revenue mix shift towards lower margin PC and smartphones, and from competition in Europe. The analyst sees limited earnings growth beyond his $10+ earnings estimate for C2019 due to a lack of operating leverage.
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