Needham & Company Downgrades SYNNEX Corp. to Hold (SNX)

SYNNEX Corp. (NYSE:SNX) was downgraded by Needham & Company from a “buy” rating to a “hold” rating in a research note issued on Wednesday, reports. The analysts noted that the move was a valuation call.

Several other analysts have also recently commented on the stock. Analysts at Brean Capital raised their price target on shares of SYNNEX Corp. from $43.00 to $46.00 in a research note to investors on Wednesday, June 26th. They now have a “buy” rating on the stock. Separately, analysts at Raymond James reiterated a “hold” rating on shares of SYNNEX Corp. in a research note to investors on Wednesday, June 26th. They now have a $42.00 price target on the stock. Finally, analysts at Credit Agricole downgraded shares of SYNNEX Corp. from an “outperform” rating to an “underperform” rating in a research note to investors on Thursday, June 20th.

One analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. SYNNEX Corp. has an average rating of “Hold” and a consensus price target of $41.00.

SYNNEX Corp. (NYSE:SNX) traded down 0.58% on Wednesday, hitting $49.68. SYNNEX Corp. has a 52-week low of $30.70 and a 52-week high of $50.09. The stock’s 50-day moving average is currently $46.0. The company has a market cap of $1.831 billion and a price-to-earnings ratio of 13.25.

SYNNEX Corp. (NYSE:SNX) last posted its quarterly earnings results on Tuesday, June 25th. The company reported $0.81 EPS for the quarter, meeting the Thomson Reuters consensus estimate of $0.81. The company had revenue of $2.59 billion for the quarter, compared to the consensus estimate of $2.50 billion. During the same quarter in the prior year, the company posted $0.90 earnings per share. The company’s quarterly revenue was up 4.4% on a year-over-year basis. On average, analysts predict that SYNNEX Corp. will post $3.83 earnings per share for the current fiscal year.

Synnex Corporation provides services to resellers, retailers and original equipment manufacturers (NYSE:SNX), in multiple regions around the world.

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