CDW price target raised to $255 from $230 at Citi

Citi raised the firm’s price target on CDW to $255 from $230 and keeps a Buy rating on the shares. After several quarters of declines in overall hardware spending, technology hardware is poised for modest recovery in 2024, the analyst tells investors in a research note. Notwithstanding a severe recession, the sector is in “for a bumpy recovery” in the first half of 2024, says Citi, which is watching for signs of stabilization in the near term that could lay the groundwork for recovery beginning in the second half of the year. Against this backdrop, consensus estimates do not appear to be excessive, implying a better setup entering 2024, the firm contends.