TD Synnex initiated with a Neutral at UBS

UBS analyst David Vogt initiated coverage of TD Synnex with a Neutral rating and $105 price target. The analyst believes the company is well positioned to grow faster than mid-single IT growth through share gains, but the firm’s analysis indicates the stock is pricing in a slower growth profile. Given near-term macro pressure and a lack of catalysts to drive a multiple re-rating, UBS looks for a better entry point into TD Synnex shares.