JPMorgan analyst Joseph Cardoso downgraded TD Synnex to Neutral from Overweight with a price target of $113, up from $112. In conjunction with its 2024 hardware and networking outlook report, the firm made several rating changes. The analyst cites the combination of limited upside to consensus estimates on a challenged enterprise IT spending environment and a higher than average valuation multiple for the downgrade of TD Synnex.
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