Mar. 12, 2015, 1:41 PM
- Predicting a strong dollar will have a big impact on the company's bottom line, Barclays' Ben Reitzes has downgraded Ingram Micro (IM -3.8%) to Equal-weight, and slashed his target by $3 to $26.
- Reitzes notes Europe accounted for 30% of Ingram's 2014 revenue, and that Q4 European sales missed Barclays' estimates in spite of benefiting from an extra week. "Management pointed to aggressive pricing and hits from currency, which materially depressed revenues. We don't see why those trends would abate over the near term, especially with the Euro depreciating further."
- Fellow IT product distributors Tech Data (TECD -5.5%), PC Connection (PCCC -3%), Synnex (SNX -1.9%), and CDW (CDW -1.4%) are also selling off. Tech Data received 60% of its FQ3 sales from Europe; its FQ4 report arrives on March 19.
- Reitzes also downgraded HP (NYSE:HPQ) to Equal-weight on forex concerns, but the tech giant has brushed off the downgrade, as well as Intel's Q1 warning.
Oct. 1, 2013, 9:33 AM
- Cree (CREE +6.6%) has been upgraded to Buy by Canaccord.
- Agilent (A -0.6%) has been cut to Hold by Stifel two week after the company announced plans to split into two companies.
- PC Connection (PCCC -0.5%) has been started at Buy by Canaccord.
- Computer Task Group (CTG -1.6%) has been upgraded to Buy by B. Riley.
- 1-800-Flowers (FLWS +3.9%) has been upgraded to Buy by Brean.
- T-Mobile USA (TMUS +1.1%) has been upgraded to Outperform by Oppenheimer.
Feb. 3, 2012, 4:26 PM
IT hardware distributor PC Connection (PCCC -19%) crashed after reporting Q4 revenue of $553M (down slightly Y/Y) and EPS of $0.28; the latter was well below a Street forecast of $0.36. An 8.6% decline in sales to SMBs offset a 17.3% increase in sales to larger enterprises. In addition, PC Connection announced a CFO change.| Feb. 3, 2012, 4:26 PM