CDW downgraded to Neutral at BofA after negative pre-announcement

As previously reported, BofA analyst Ruplu Bhattacharya downgraded CDW to Neutral from Buy with a price target of $200, down from $240, after the company negatively pre-announced Q1 revenue below the Street’s and the firm’s forecasts. CDW now expects the U.S. IT market to decline a high-single digit percentage year-over-year, versus a prior call for it to be flat year-over-year, notes the firm, which thinks the company will face headwinds over the next several quarters as enterprise IT spending remains uncertain.