RBC Capital prefers TD Synnex as part of IT Distribution 2026 Outlook

RBC Capital keeps an Outperform rating and $180 price target on TD Synnex (SNX) as part of the firm’s IT Distribution 2026 Outlook, while also reducing the firm’s price target on Buy-rated Ingram Micro (INGM) to $24 from $25. Following a strong year of hardware growth, the firm anticipates that the transition to Advanced Solutions will accelerate free cash flow generation in 2026, supporting buybacks and dividends, the analyst tells investors in a research note. Ingram Micro’s Xvantage and the company’s PartnerFirst are driving topline growth and margin expansion by integrating AI, automation, and analytics to streamline operations, enhance partner enablement, boost quote-to-order conversions, and target high-margin segments, positioning them as pivotal enablers of more profitable growth heading into 2026, though the firm prefers TD Synnex given its portfolio mix and Hyve, which should benefi from Hyperscaler demand despite concerns over an AI bubble, RBC added.