Bank of America Securities analyst Ruplu Bhattacharya reiterated a Buy rating on TD SYNNEX Corporation today and set a price target of $180.00.
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Ruplu Bhattacharya has given his Buy rating due to a combination of factors that highlight TD SYNNEX Corporation’s robust performance and promising outlook. The company reported strong financial results for the third quarter, with billings, revenue, and earnings per share exceeding expectations. This success was driven by widespread strength across various product categories and geographic regions, including notable growth in PCs, peripherals, software, and ODM/CM. Additionally, the company experienced growth in customer segments such as SMBs and MSPs, with billings in the U.S. public sector showing modest year-over-year growth.
Furthermore, TD SYNNEX’s momentum in Endpoint and Advanced Solutions, particularly in PCs and AI technology, underpins the positive outlook. The company’s Hyve business also demonstrated significant growth, driven by demand for hyperscale cloud infrastructure. Management’s guidance for future billings growth appears conservative, suggesting potential for further upside. Bhattacharya reiterates the Buy rating based on the company’s long-term shift towards higher-margin products and services, its broad portfolio, and cross-selling opportunities, which collectively support a positive investment thesis.
Bhattacharya covers the Technology sector, focusing on stocks such as Flex, Sanmina-Sci, and Super Micro Computer. According to TipRanks, Bhattacharya has an average return of 6.7% and a 59.52% success rate on recommended stocks.
In another report released yesterday, Raymond James also maintained a Buy rating on the stock with a $175.00 price target.