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SNX

Synnex

$75.60

-1.74 (-2.25%)

09:04
12/10/18
12/10
09:04
12/10/18
09:04

Synnex raises Q4 adjusted EPS view to $3.20-$3.30 from $2.90-$3.10

Q4 consensus $3.00. Raises Q4 revenue view to $5.5B-$5.6B from $5.2B-$5.4B, consensus $5.34B. "Excellent execution in both of our business segments and stable market conditions led to our very strong performance," stated Dennis Polk, President and Chief Executive Officer of SYNNEX Corporation. "Our Technology Solutions division saw solid results across the board while our Concentrix business is executing to plan on the integration of Convergys, with excellent performance from the underlying businesses. We are delighted that results for the fourth quarter of 2018 will exceed our expectations."

SNX Synnex
$75.60

-1.74 (-2.25%)

10/04/18
10/04/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. National Storage (NSA) upgraded to Buy from Hold at Jefferies with analyst George Hoglund saying he believes the recent weakness in the shares is overdone and presents a buying opportunity. 2. Cummins (CMI) upgraded to Overweight from Neutral at Piper Jaffray with analyst Alexander Potter saying his deep-dive analysis illuminates the likelihood of upside versus consensus estimates in the coming years. 3. Synnex (SNX) upgraded to Strong Buy from Buy at Needham with analyst Sean Hannon citing the company's business becoming "more diversified, experiencing healthy fundamental demand, and expanding its structural margin profile." 4. Cloudera (CLDR) upgraded to Buy from Neutral at DA Davidson and Nomura Instinet. 5. Washington Trust (WASH) upgraded to Buy from Hold at Sandler O'Neill withh analyst Mark Fitzgibbon saying management went out of their way to focus on their organic growth and "made a compelling argument that there is a dearth of good mid-size banks in New England." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/04/18
RHCO
10/04/18
NO CHANGE
Target $100
RHCO
Buy
Synnex price target lowered to $100 from $125 at SunTrust
SunTrust analyst Frank Atkins lowered his price target on Synnex (SNX) to $100, saying that while Q3 earnings topped expectations, the outlook for Q4 was disappointing. The analyst also recommends that investors buy the shares on weakness, anticipating margin expansion in FY19 to drive multiples while the company also allocates some of the cashflows to debt payment. Atkins further sees reduced revenue volatility coming from Synnex's acquisition of Convergys (CVG).
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

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