Insight Enterprises price target lowered to $75 from $90 at Canaccord

Canaccord lowered the firm’s price target on Insight Enterprises (NSIT) to $75 from $90 and keeps a Hold rating on the shares. The firm said Insight reported a strong Q1, but despite the optical strength, the stock was roughly flat on the day, which they attribute to a combination of factors; an unquantified inorganic contribution from recent acquisitions, a hardware backlog that reflects pull-forward demand tied to rising memory costs; and easier year-over-year compares in Q1 that get materially harder as the year progresses.