CDW price target lowered to $195 from $230 at Credit Suisse

Credit Suisse lowered the firm’s price target on CDW (CDW) to $195 from $230 and keeps an Outperform rating on the shares. The firm notes CDW negatively preannounced Q1 results and significantly reduced full year guidance. Credit Suisse thinks the selloff in the stock since early March was largely due to growing concerns on IT demand, especially given guidance from Dell (DELL) and TD Synnex (SNX). Importantly, CDW’s cash flow is counter-cyclical, supporting continued cash return to shareholders, it adds.