CDW price target raised to $267 from $253 at JPMorgan

JPMorgan analyst Samik Chatterjee raised the firm’s price target on CDW to $267 from $253 and keeps an Overweight rating on the shares. The company’s near-term results and outlook confirmed investor concerns relative to a tough setup as it relates to IT spending with CDW highlighting hardware revenue declines on the back of soft demand in networking as well as continued sluggish trends in client devices, the analyst tells investors in a research note. The firm cites a better than anticipated margin outlook for the target increase.