Bank of America Reiterates Buy Rating for SYNNEX (SNX)
SYNNEX (NYSE:SNX)‘s stock had its “buy” rating reiterated by analysts at Bank of America in a research report issued to clients and investors on Thursday. They currently have a $85.00 price objective on the stock, up from their previous price objective of $80.00. Bank of America’s price objective points to a potential upside of 14.97% from the company’s current price.
The analysts wrote, “F2Q14 revenue/EPS were both significantly above our/consensus estimates and guidance, due to revenue growth as well as margin improvement. Management noted broad-based strength in distribution (TS), aided by the Windows XP expiration and Japan demand ahead of consumption tax increase. SNX guided very conservatively for F3Q14 (below us/Street), and expects to see sub-seasonal demand within distribution (following a very strong F2Q) and make additional investments in SG&A to grow Concentrix. We are modeling F3Q14 EPS at the upper-end of guidance at $1.50, with upside potential likely. Buy.”
Several other analysts have also recently commented on the stock. Analysts at Credit Agricole upgraded shares of SYNNEX from an “outperform” rating to a “buy” rating in a research note on Wednesday, May 21st. Separately, analysts at Cross Research upgraded shares of SYNNEX from a “hold” rating to a “buy” rating in a research note on Monday, May 19th. They now have a $81.00 price target on the stock. Finally, analysts at Needham & Company LLC upgraded shares of SYNNEX from a “hold” rating to a “buy” rating in a research note on Monday, May 12th. They now have a $79.00 price target on the stock. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. SYNNEX has an average rating of “Buy” and an average price target of $79.84.
Shares of SYNNEX (NYSE:SNX) opened at 73.93 on Thursday. SYNNEX has a 1-year low of $43.43 and a 1-year high of $79.44. The stock has a 50-day moving average of $67.11 and a 200-day moving average of $63.7. The company has a market cap of $2.854 billion and a price-to-earnings ratio of 23.09.
SYNNEX (NYSE:SNX) last announced its earnings results on Wednesday, July 2nd. The company reported $1.52 earnings per share for the quarter, beating the analysts’ consensus estimate of $1.36 by $0.16. The company had revenue of $3.45 billion for the quarter, compared to the consensus estimate of $3.17 billion. During the same quarter last year, the company posted $0.81 earnings per share. SYNNEX’s revenue was up 33.3% compared to the same quarter last year. On average, analysts predict that SYNNEX will post $5.88 earnings per share for the current fiscal year.
Synnex Corporation is a business process services company. The Company provides services to resellers, retailers and original equipment manufacturers (NYSE:SNX), in multiple regions around the world.
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