Needham & Company LLC Increases Ingram Micro Price Target to $35.00 (IM)
Needham & Company LLC raised their price target on shares of Ingram Micro (NYSE:IM) from $32.00 to $35.00 in a research note issued on Thursday, AnalystRatingsNetwork.com reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price target suggests a potential upside of 15.63% from the company’s current price.
Ingram Micro (NYSE:IM) traded down 14.70% during mid-day trading on Thursday, hitting $25.82. The stock had a trading volume of 3,027,143 shares. Ingram Micro has a 1-year low of $16.96 and a 1-year high of $30.96. The stock’s 50-day moving average is $29.48 and its 200-day moving average is $25.72. The company has a market cap of $3.991 billion and a P/E ratio of 15.21.
Ingram Micro (NYSE:IM) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $0.43 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.48 by $0.05. The company had revenue of $10.38 billion for the quarter, compared to the consensus estimate of $10.42 billion. During the same quarter in the prior year, the company posted $0.41 earnings per share. The company’s quarterly revenue was up 1.2% on a year-over-year basis. Analysts expect that Ingram Micro will post $2.62 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Citigroup Inc. upgraded shares of Ingram Micro from a “neutral” rating to a “buy” rating in a research note on Tuesday, April 15th. They now have a $35.00 price target on the stock, up previously from $28.00. Separately, analysts at Northcoast Research upgraded shares of Ingram Micro from a “neutral” rating to a “buy” rating in a research note on Monday, April 7th. They now have a $36.00 price target on the stock. Finally, analysts at Brean Capital raised their price target on shares of Ingram Micro from $31.00 to $40.00 in a research note on Friday, April 4th. They now have a “buy” rating on the stock. Six research analysts have rated the stock with a buy rating, Ingram Micro currently has a consensus rating of “Buy” and an average target price of $34.57.
Ingram Micro Inc (NYSE:IM), is a global information technology (IT) supply-chain management, mobile device lifecycle services and logistics solutions.
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