Ingram Micro Holding Corporation, the Technology sector company, was revisited by a Wall Street analyst yesterday. Analyst Ruplu Bhattacharya from Bank of America Securities reiterated a Buy rating on the stock and has a $25.00 price target.
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Ruplu Bhattacharya has given his Buy rating due to a combination of factors including Ingram Micro Holding Corporation’s strong performance in client and endpoint solutions, which has led to a significant increase in revenue. Despite some pressure on margins due to a higher mix of lower-margin client devices and geographical and customer mix, the company has shown resilience by outperforming in areas such as desktops, notebooks, smartphones, servers, storage, and cybersecurity.
Furthermore, Ingram Micro has taken strategic steps to enhance its financial position by increasing its dividend and divesting non-core businesses, which aligns with its shift towards the Xvantage platform. Although there are short-term challenges, such as the impact of a ransomware incident and slower growth in certain device categories, the company is well-positioned compared to its peers and trades below competitor TD Synnex. These factors, along with the company’s focus on improving trends in advanced solutions and cloud services, support the Buy rating.
Bhattacharya covers the Technology sector, focusing on stocks such as Flex, Concentrix, and Sanmina-Sci. According to TipRanks, Bhattacharya has an average return of 4.8% and a 56.45% success rate on recommended stocks.
In another report released on August 7, Raymond James also maintained a Buy rating on the stock with a $24.00 price target.