SYNNEX Cut to “Neutral” at Zacks (SNX)
SYNNEX (NYSE:SNX) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a report issued on Tuesday. They currently have a $77.90 price objective on the stock. Zacks‘s target price would suggest a potential upside of 11.70% from the company’s current price.
SYNNEX (NYSE:SNX) traded up 1.86% on Tuesday, hitting $71.04. 119,653 shares of the company’s stock traded hands. SYNNEX has a 52-week low of $46.87 and a 52-week high of $79.44. The stock has a 50-day moving average of $66.04 and a 200-day moving average of $65.2. The company has a market cap of $2.749 billion and a P/E ratio of 20.56.
SYNNEX (NYSE:SNX) last announced its earnings results on Wednesday, July 2nd. The company reported $1.52 earnings per share (EPS) for the quarter, beating the 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 in the previous year, the company posted $0.81 earnings per share. The company’s revenue for the quarter was up 33.3% on a year-over-year basis. On average, analysts predict that SYNNEX will post $5.95 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Needham & Company LLC raised their price target on shares of SYNNEX from $74.00 to $78.00 in a research note on Thursday, July 3rd. They now have a “buy” rating on the stock. Analysts at Bank of America reiterated a “buy” rating on shares of SYNNEX in a research note on Thursday, July 3rd. They now have a $85.00 price target on the stock, up previously from $80.00. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. SYNNEX has an average rating of “Buy” and an average target price of $79.84.
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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