Bank of America Issues Positive Forecast for TD SYNNEX (NYSE:SNX) Stock Price

Key Points

• Bank of America has raised its price target for TD SYNNEX from $170 to $180, indicating a potential upside of 12.89% from the previous close and maintaining a "buy" rating.
• Other analysts have also increased their price targets for TD SYNNEX, with an average target now set at $158.18 and consensus ratings leaning towards a "Moderate Buy."
• TD SYNNEX reported a strong performance with a 7.2% year-over-year revenue increase in the last quarter, marking earnings of $2.99 per share, exceeding estimates.

TD SYNNEX (NYSE:SNX - Get Free Report) had its price target lifted by equities researchers at Bank of America from $170.00 to $180.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the business services provider's stock. Bank of America's target price would suggest a potential upside of 12.89% from the company's previous close.

A number of other analysts have also issued reports on the company. Loop Capital lifted their price target on TD SYNNEX from $150.00 to $160.00 and gave the stock a "buy" rating in a research note on Monday, June 30th. Royal Bank Of Canada increased their target price on shares of TD SYNNEX from $145.00 to $165.00 and gave the company an "outperform" rating in a research report on Friday, August 22nd. Barrington Research reaffirmed an "outperform" rating and set a $156.00 price objective on shares of TD SYNNEX in a research note on Tuesday. Barclays boosted their target price on TD SYNNEX from $140.00 to $164.00 and gave the stock an "equal weight" rating in a report on Friday. Finally, Morgan Stanley lifted their price objective on TD SYNNEX from $155.00 to $173.00 and gave the stock an "overweight" rating in a research report on Thursday, September 18th. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, TD SYNNEX has a consensus rating of "Moderate Buy" and an average target price of $158.18.

TD SYNNEX Stock Up 6.1%

Shares of SNX opened at $159.45 on Friday. TD SYNNEX has a 12 month low of $92.23 and a 12 month high of $159.92. The firm has a market cap of $13.15 billion, a P/E ratio of 18.63, a PEG ratio of 1.22 and a beta of 1.35. The company has a current ratio of 1.26, a quick ratio of 0.75 and a debt-to-equity ratio of 0.45. The stock's 50 day moving average is $147.97 and its two-hundred day moving average is $130.47.

TD SYNNEX (NYSE:SNX - Get Free Report) last announced its earnings results on Tuesday, June 24th. The business services provider reported $2.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.71 by $0.28. TD SYNNEX had a net margin of 1.21% and a return on equity of 11.58%. The business had revenue of $14.95 billion for the quarter, compared to analyst estimates of $14.30 billion. During the same quarter last year, the business earned $2.73 earnings per share. The company's revenue for the quarter was up 7.2% compared to the same quarter last year. Analysts predict that TD SYNNEX will post 11.88 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other TD SYNNEX news, Director Ann F. Vezina sold 812 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $150.42, for a total value of $122,141.04. Following the sale, the director owned 6,079 shares of the company's stock, valued at $914,403.18. The trade was a 11.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Marshall Witt sold 861 shares of TD SYNNEX stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $149.84, for a total value of $129,012.24. Following the completion of the sale, the chief financial officer directly owned 49,777 shares of the company's stock, valued at $7,458,585.68. The trade was a 1.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,930 shares of company stock valued at $430,163 over the last 90 days. 1.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in TD SYNNEX by 10.1% during the 2nd quarter. Vanguard Group Inc. now owns 8,248,639 shares of the business services provider's stock worth $1,119,340,000 after buying an additional 759,022 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of TD SYNNEX by 8.5% during the second quarter. JPMorgan Chase & Co. now owns 4,230,059 shares of the business services provider's stock worth $574,019,000 after acquiring an additional 330,085 shares during the period. Ninety One UK Ltd raised its stake in shares of TD SYNNEX by 15.0% in the second quarter. Ninety One UK Ltd now owns 2,949,709 shares of the business services provider's stock valued at $400,275,000 after acquiring an additional 384,518 shares in the last quarter. Abrams Bison Investments LLC boosted its holdings in TD SYNNEX by 19.4% in the first quarter. Abrams Bison Investments LLC now owns 2,683,000 shares of the business services provider's stock valued at $278,925,000 after purchasing an additional 435,000 shares during the period. Finally, State Street Corp increased its holdings in TD SYNNEX by 0.7% during the 2nd quarter. State Street Corp now owns 2,363,709 shares of the business services provider's stock worth $320,755,000 after purchasing an additional 15,400 shares during the period. Institutional investors and hedge funds own 84.00% of the company's stock.

About TD SYNNEX

TD SYNNEX Corporation operates as a distributor and solutions aggregator for the information technology (IT) ecosystem. The company offers personal computing devices and peripherals, mobile phones and accessories, printers, supplies, and endpoint technology software; and data center technologies, such as hybrid cloud, security, storage, networking, servers, technology software, and converged and hyper-converged infrastructure, as well as computing components.

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