Ingram Micro price target raised to $23 from $18 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Ingram Micro (INGM) to $23 from $18 and keeps an Overweight rating on the shares. Q1 results were “quite strong” and while management guided to a sub-seasonal Q2 to be conservative, the guidance still topped Street estimates, the analyst tells investors. The firm’s estimates move higher after a strong Q1, though the firm still sees uncertainty in the second half given the policy and macro backdrop, the analyst added.