CDW Corp Receives Buy Rating from Deutsche Bank (CDW)
CDW Corp (NASDAQ:CDW)‘s stock had its “buy” rating restated by investment analysts at Deutsche Bank in a note issued to investors on Friday. They currently have a $34.00 price target on the stock, up from their previous price target of $32.00. Deutsche Bank’s target price would suggest a potential upside of 10.00% from the company’s current price.
The analysts wrote, “PCs and Public drive upside. CDW reported solid results driven by PCs, robust Public demand and good OpEx control. Sales grew 12% Y/Y led by healthy growth in Education, Healthcare and Small Business, while the U.S. Federal vertical returned to growth. We continue to expect CDW to benefit from improving growth in U.S. IT spending and believe the company’s portfolio is well positioned in new growth areas. We have adjusted our estimate and raised our PT to $34 from $32, driven by a higher P/E justification; maintain Buy.”
CDW Corp (NASDAQ:CDW) traded up 0.26% during mid-day trading on Friday, hitting $30.97. The stock had a trading volume of 107,538 shares. CDW Corp has a 52-week low of $20.50 and a 52-week high of $32.62. The stock’s 50-day moving average is $31.47 and its 200-day moving average is $27.91. The company has a market cap of $5.328 billion and a price-to-earnings ratio of 32.45. CDW Corp also was the recipient of a large increase in short interest in July. As of July 15th, there was short interest totalling 1,239,544 shares, an increase of 95.2% from the June 30th total of 634,931 shares. Based on an average daily volume of 767,008 shares, the days-to-cover ratio is currently 1.6 days. Currently, 1.5% of the company’s shares are sold short.
CDW Corp (NASDAQ:CDW) last posted its quarterly earnings results on Thursday, July 31st. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.10. The company had revenue of $3.10 billion for the quarter, compared to the consensus estimate of $2.95 billion. During the same quarter in the previous year, the company posted $0.46 earnings per share. The company’s revenue for the quarter was up 33.4% on a year-over-year basis. Analysts expect that CDW Corp will post $2.27 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Wednesday, September 10th. Shareholders of record on Monday, August 25th will be paid a dividend of $0.0425 per share. This represents a $0.17 annualized dividend and a dividend yield of 0.55%.
Other equities research analysts have also recently issued reports about the stock. Analysts at Needham & Company LLC raised their price target on shares of CDW Corp from $32.00 to $35.00 in a research note on Friday. They now have a “buy” rating on the stock. Separately, analysts at Raymond James downgraded shares of CDW Corp from an “outperform” rating to a “market perform” rating in a research note on Monday, July 7th. Finally, analysts at Barclays raised their price target on shares of CDW Corp from $34.00 to $36.00 in a research note on Thursday, June 19th. They now have an “overweight” rating on the stock. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $32.43.
CDW Corporation (NASDAQ:CDW) is a provider of integrated information technology (IT) solutions in the United States and Canada.
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