Market News

Synnex Agrees To Distribute Sonim’s Products In North America

SYNNEX Corp. has agreed to distribute Sonim Technologies’ RS60 and RS80 SmartScanners and XP8 smartphones in North America. SYNNEX provides distribution, systems design, and integration services to the technology industry.

SYNNEX (SNX) Vice president Product Management, Sandi Stambaugh said, “Sonim’s high-performing, rugged devices combined with their easy to use, comprehensive suite of software and application services provide a durable mobility solution for customers in extreme environments.” 

Stambaugh added, “We are excited to work with Sonim to provide our resellers mobility devices for workforce-critical communication, regardless of the situation or environment.” (See SYNNEX stock analysis on TipRanks)

Sonim’s SmartScanner devices are based on Android and have high capacity multi shift batteries.  These can reduce the total cost of ownership as compared to consumer devices.

The Sonim XP8 smartphone has a 5 inch puncture resistant glove and wet compatible touchscreen. The product comes with a 3 year warranty.

Last month, Loop Capital Markets analyst Ananda Baruah reiterated a Buy rating on the stock and increased the price target to $132 (8.9% upside potential) from $108.

Commenting on the $7.2 billion merger between SYNNEX and Tech data, Baruah noted that upon closure the 2 companies will have “very complementary offerings and capabilities.”

Consensus on the Street is that SYNNEX is a Strong Buy based on 3 Buys and 1 Hold alongside an average analyst price target of $123.25. This implies that shares are almost fully priced at current levels with approximately 1.6% upside potential over the next 12 months. Shares have gained about 60.7% over the past year.

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