TD Synnex price target raised to $160 from $150 at Loop Capital

Loop Capital raised the firm’s price target on TD Synnex (SNX) to $160 from $150 and keeps a Buy rating on the shares after its Q2 earnings beat. The company experienced continued strength in IT distribution and Hyperscale, exceeding guidance with 7% YoY revenue growth and 10% y/y EPS growth, the analyst tells investors in a research note. Key drivers included Endpoint Solutions, up 13% y/y in gross billings due to the ongoing PC refresh cycle, which TD Synnex believes is in its middle stages with further demand expected from refreshes and Windows 11 upgrades, the firm added.