CLSA has downgraded Tech Data (TECD -3.1%) to Underperform from Outperform.
The downgrade comes a day after the IT hardware distributor sold off in response to the FQ1 EPS miss that accompanied a revenue beat. A 26 bps Y/Y drop in gross margin to 4.98% pressured Tech Data's bottom line.
Chegg (CHGG +6.7%) has been upgraded to Buy by BofA/Merrill ahead of Thursday's Q1 report.
AudioCodes (AUDC +2.5%) has been started at Outperform by William Blair ahead of tomorrow's Q1 report.
IT hardware distributors Tech Data (TECD +2%) and Ingram Micro (IM +2%) have been upgraded to Outperform by Raymond James.
IPO underwriters have assigned four bullish ratings, and one neutral rating, to GrubHub (GRUB -0.1%), and six bullish ratings to Five9 (FIVN +6.4%).
Advent Software (ADVS +3.8%) has been upgraded to Buy by Sandler O'Neill after posting Q1 results yesterday afternoon. Advent guided for Q2 revenue of $96M-$98M (below a $99.2M consensus), and full-year revenue of $395M-$403M (in-line with a $400.2M consensus). The company also announced a $0.13/share quarterly dividend (1.9% yield).
Tech Data (TECD) -1.5% AH after disclosing it won't file its FQ1 10-Q on time thanks to its ongoing accounting review. Shares dove in March after the IT hardware distributor said it will have to restate results from FY11 onwards due to "improprieties" in its U.K. unit's accounting.
Tech Data (TECD) is restating some or all of its results from FY11 onwards to "correct improprieties" in its U.K. subsidiary's vendor accounting. Tech Data estimates the restatement will lower net income by $25M-$33M over the period in question, and will likely seek a 15-day extension for the filing of its FY13 (ended Jan. '13) 10-K. Shares are halted. (PR)
Giant IT hardware distributor CDW has hired JPMorgan, Barclays, and Goldman to handle a 2013 IPO that could raise ~$750M, Reuters reports. CDW was taken private in '07 by P-E firms Madison Dearborn and Providence Equity for $7.3B, and had 2012 sales of $10.1B. The company's rivals include Arrow (ARW), Avnet (AVT), Ingram Micro (IM), and Tech Data (TECD).