Loop Capital analyst Ananda Baruah lowered the firm’s price target on TD Synnex to $120 from $150 but keeps a Buy rating on the shares. The ongoing PC softening was the driver of a Q2 earnings miss and lower guidance, but the company also saw a partial offset from Advanced Solutions and high-growth technologies, which generated strong growth in cloud and data center-related technologies, the analyst tells investors in a research note. The firm adds that TD Synnex is also expecting to realize an incremental $50M in cost optimization benefits over the next several quarters.
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