TD Synnex initiated with an Overweight at Morgan Stanley

Morgan Stanley initiated coverage of TD Synnex (SNX) with an Overweight rating and $145 price target The firm says long-term IT spending strength and an increasingly complex IT ecosystem are secular tailwinds for the world’s largest IT distributor, TD Synnex. The company’s scale benefits, exposure to cloud infrastructure spend, solid execution, and cost efficiencies support “above-peer” growth and margins as well as a premium valuation, the analyst tells investors in a research note.