CDW price target lowered to $205 from $225 at JPMorgan

JPMorgan lowered the firm’s price target on CDW to $205 from $225 and keeps an Overweight rating on the shares. The analyst updated the model for the company’s negative preannouncement and says commentary on enterprise spend is likely to worsen through earnings season. The weaker than expected revenue is being credited to intensifying economic concerns, which is driving customers to spend more cautiously, but importantly, CDW is "now expecting the more muted spending backdrop to proliferate beyond this quarter," the analyst tells investors in a research note. The firm says demand is "likely taking a step down triggered by renewed and elevated macro concerns following recent banking challenges."