Morgan Stanley downgraded CDW to Equal Weight from Overweight with an unchanged price target of $216. The firm says that while CDW remains one of its favorite hardware stocks on a medium-to-long-term basis, it sees limited upside to the current valuation with the shares trading 1-2 standard deviations above its pre-COVID average. The analyst also sees limited upside to 2024 estimates as netcomm declines year-over-year, the impact of the PC cycle is more second half of the year weighted, and the company’ gross margins normalize.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on CDW: