CDW price target lowered to $170 from $200 at BofA

BofA analyst Ruplu Bhattacharya lowered the firm’s price target on CDW (CDW) to $170 from $200 and keeps a Neutral rating on the shares after the company reported fiscal Q3 revenue just under the firm’s estimates and gave implied revenue guidance for Q4 that is also just lower than the firm’s estimate. The overall spending environment remains uncertain and Federal sales are being impacted by the U.S. government shutdown, says the analyst, who sees near-term headwinds from the weaker macro picture as balanced by a long-term mix shift to higher margin software and services.