Ingram Micro initiated with a Buy at Stifel

Stifel initiated coverage of Ingram Micro (INGM) with a Buy rating and $28 price target The firm believes Ingram, one of the largest global “broadline” IT distributors, with $48B in revenue, is well positioned across key technology areas and geographies, and should see strong operating leverage as IT spending trends recover over the next two years. Although spending across both client devices and infrastructure products has been weak in recent quarters, Stifel is modeling a return to growth in 2025 on the expectation of a PC refresh cycle and a recovery in IT infrastructure solutions, including AI, the analyst tells investors in a research note.