CDW price target lowered to $205 from $215 at Stifel

Stifel analyst Matthew Sheerin lowered the firm’s price target on CDW to $205 from $215 and keeps a Buy rating on the shares. The company recently pre-announced preliminary Q1 sales, which were well below the firms estimate, the analyst tells investors. CDW pointed at worsening macro conditions that led customers to "spend more cautiously and prioritize mission critical initiatives" as the main reason for the discrepancy, Stifel says. While the commentary aligns with Stifel’s takeaways from its recent survey work, the firm still expected CDW’s exposure to the public sector to offset any incremental weakness in commercial markets.