TD Synnex price target lowered to $110 from $120 at Stifel

Stifel analyst Matthew Sheerin lowered the firm’s price target on TD Synnex to $110 from $120 and keeps a Buy rating on the shares after the company’s Q1 revenue missed the firm’s estimate due to weaker demand for client devices, particularly in North America, and it guided Q2 sales more than $1B below the Street forecast due to further weakness in PC demand as well as a sequential decline at its Hyve Solutions cloud business. TD Synnex withdrew its previous FY23 sales guidance, citing macro uncertainty, added the firm, which lowered its own forward estimates.