CDW price target lowered to $200 from $228 at Morgan Stanley

Morgan Stanley analyst Erik Woodring lowered the firm’s price target on CDW to $200 from $228 and keeps an Overweight rating on the shares after the company negatively pre-announced Q1 results and guided to calendar 2023 IT market declines of high-single digits year-over-year, citing greater spending caution in late Q1 from large commercial customers. The firm, which is reducing its calendar 2023 revenue and EPS forecasts for CDW by 9% and 10%, respectively, adds that it expects this news to weigh on enterprise hardware stocks in the near near-term.