Needham analyst Sean Hannan lowered his price target on Tech Data to $100 after its Q2 results, also lowering his FY19 EPS view to $3.95 from $4.13 and his implied forward earnings multiple to 10-times from 11-times. The analyst cites the company's "multiple consecutive quarters" of mixed outcomes, which raises questions around the management's "quality of internal execution". In the most recent quarter, Hannan states that gross margins were a "disappointment", attributed to a less favorable sales mix. The analyst keeps his Buy rating on Tech Data longer term however, saying the company is "demonstrating growth and cost-control efforts" within a "healthy" operating environment.