TD Synnex price target raised to $218 from $174 at Morgan Stanley

Morgan Stanley raised the firm’s price target on TD Synnex (SNX) to $218 from $174 and keeps an Overweight rating on the shares after the company beat fiscal Q1 revenue, gross billings and earnings expectations by a range of 10%-40%. While the firm believes near-term results are benefitting from hardware pull-forward, it adds that greater than 50% of TD Synnex gross billings come from “less at-risk areas of spend.”