Tech Data Corp.’s Neutral Rating Reaffirmed at Zacks (TECD)
Tech Data Corp. (NASDAQ:TECD)‘s stock had its “neutral” rating reiterated by Zacks in a note issued to investors on Monday, StockRatingsNetwork.com reports. They currently have a $53.00 price objective on the stock. Zacks‘ target price points to a potential upside of 4.13% from the company’s current price.
Zacks‘ analyst wrote, “Tech Data is set to restate majority of its financials for the last three fiscal years. Due to this reason, the company did not file 2013 10K. The company also did not release first and second quarter results and refrained from filing related 10Qs for both the periods. We believe that the uncertainty related to the completion time of the restatement process will remain a major overhang on the stock in the near term. Additionally, declining PC shipments are expected to hurt the company’s top-line growth in fiscal 2014. Moreover, sluggish IT spending is also expected to hurt top-line growth. Nevertheless, we believe that Tech Data’s strategy of shifting resources from lower-performing regions to higher-growth regions, cost reductions, accretive acquisitions and partnerships will drive growth going forward. We maintain our Neutral recommendation and set a price target of $53.00.”
Tech Data Corp. (NASDAQ:TECD) traded down 0.77% during mid-day trading on Monday, hitting $50.51. The stock had a trading volume of 11,839 shares. Tech Data Corp. has a 52-week low of $42.25 and a 52-week high of $54.60. The stock’s 50-day moving average is $50.28 and its 200-day moving average is $48.81. The company has a market cap of $1.909 billion and a price-to-earnings ratio of 9.29.
Tech Data Corporation (NASDAQ:TECD) is a wholesale distributor of technology products.
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