TD Synnex price target lowered to $177 from $181 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on TD Synnex (SNX) to $177 from $181 and keeps an Overweight rating on the shares. Among the IT Hardware group, the firm recommends being overweight cloud capex winners, product-cycle beneficiaries such as Apple, and unique assets, while it suggests being underweight stocks with elevated memory exposure – like Dell (DELL) and HP (HPQ) – and is “increasingly more cautious” on memory-exposed names as well, the analyst tells investors in a year-ahead note.