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SNX

Synnex

$84.83

1 (1.19%)

, CVG

Convergys

$23.93

0.25 (1.06%)

08:57
10/04/18
10/04
08:57
10/04/18
08:57

Synnex sees FY19 adjusted EPS $11.40-$11.90, consensus $10.85

On its earnings conference call last night, Synnex (SNX) President and CEO Dennis Polk said he is "aware" that near-term changes in the business will cause challenges to understand the coming period, including the Convergys (CVG) transaction, revenue mix shifting, resulting in more net revenue accounting, and hive revenue fluctuations. Assuming no major macro change in the business environments Synnex operates in or specific challenges in the IT industry that are out of its control, Polk believes the company can achieve adjusted EPS of $11.40-$11.90 for FY19. Commenting on the Convergys acquisition, Polk said Synnex has been granted all regulatory approvals needed and will formally close the deal on October 5. The Fly notes that the current EPS consensus for FY19 is $10.85. Shares of Synnex are down 1.5% in pre-market trading.

SNX

Synnex

$84.83

1 (1.19%)

CVG

Convergys

$23.93

0.25 (1.06%)

SNX Synnex
$84.83

1 (1.19%)

10/04/18
NEED
10/04/18
UPGRADE
Target $135
NEED
Strong Buy
Synnex upgraded to Strong Buy at Needham after another 'solid' quarter
As reported earlier, Needham analyst Sean Hannon upgraded Synnex to Strong Buy from Buy with a price target of $135 after its "solid" earnings result in Q3. The analyst cites the company's business becoming "more diversified, experiencing healthy fundamental demand, and expanding its structural margin profile". Hannon further notes the Street being too focused on the margin pressure of Synnex's Hyve business while missing a "bigger story of strong profit growth" while also pointing to the valuation on the stock reaching "trough levels" of 6.8-times forward earnings based on the aftermarket price yesterday.
10/04/18
NEED
10/04/18
UPGRADE
NEED
Strong Buy
Synnex upgraded to Strong Buy from Buy at Needham
08/16/18
LOOP
08/16/18
NO CHANGE
Target $160
LOOP
Buy
Synnex positioned to drive 'strong results' through 2018, says Loop Capital
Loop Capital analyst Ananda Baruah kept his Buy rating and $160 price target on Synnex, saying his meetings with CFO Marshall Witt and IR executive Mary Lai suggested continued confidence in the company's ability to generate Convergys unit revenue growth and drive material synergies. The analyst further states that while the HYVE Solutions business is currently a headwind for Synnex, it will become a "material catalyst" moving through the fall as the company also benefits from new design adoption at existing customers and new customers coming on-line.
06/29/18
BRRR
06/29/18
NO CHANGE
BRRR
Market Perform
Higher bid for Convergys appears unlikely, says Barrington
After Convergys (CVG) announced that it agreed to be acquired by Synnex (SNX), Barrington analyst Vincent Colicchio said he believes the timing of the sale is poor given the meaningful weakness in the company's communications vertical over the past few years and that while the deal price appears low, a relatively low multiple at this point of time is warranted. Stating that he thinks a higher bid emerging does not appear highly likely, Colicchio maintains a Market Perform rating on Convergys shares.
CVG Convergys
$23.93

0.25 (1.06%)

05/16/18
BARD
05/16/18
NO CHANGE
BARD
Convergys could see $18-$21 range absent a deal, says Baird
Baird analyst David Koning commented on Covergys following a Dealreporter article that said the company is seeing limited interest from potential buyers. Koning believes Convergys shares could see $18-$21 near-term in the absence of a deal. The analyst remains cautious telling investors industry growth is challenged by Communications vertical and persistent wage pressures. The analyst maintains a Neutral rating and $22 price target on Convergys shares.
01/25/18
BARD
01/25/18
NO CHANGE
BARD
Baird expects Convergys to lower 2018 earnings guidance
10/17/17
BRRR
10/17/17
INITIATION
BRRR
Market Perform
Convergys initiated with a Market Perform at Barrington
Barrington analyst Vincent Colicchio started Convergys with a Market Perform rating saying the company, while well positioned for share gains, is fairly valued.

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Monolithic Power

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