Ingram Micro downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst Erik Woodring downgraded Ingram Micro (INGM) to Equal Weight from Overweight with a price target of $22, down from $23. The firm’s positive view on IT spending hasn’t changed, but it now sees more upside in TD Synnex (SNX) versus Ingram Micro. As such, it switched its preference among the distributors. There is also moderate downside risk to Ingram’s 2026 consensus earnings estimates and the stock’s private equity “overhang” will continue to limit multiple expansion, the analyst tells investors in a research note. Morgan Stanley says TD Synnex outperforms Ingram Micro on key metrics such as growth, free cash flow conversion, and margins.