TD Synnex price target lowered to $120 from $135 at BofA

BofA analyst Ruplu Bhattacharya lowered the firm’s price target on TD Synnex to $120 from $135 and keeps a Buy rating on the shares. The PC market being weaker than management expected was one of the main drivers for TD Synnex to miss the mid-point of its fiscal Q1 revenue guidance, said the firm, which notes that management did not give guidance for FY23 revenue and the prior expectation of 3%-5% year-over-year growth was not reiterated. The firm says its Buy rating is based on a longer-term mix shift to higher margin products and services, the company’s broad portfolio and its cross-sell opportunities.