TD Synnex price target lowered to $132 from $135 at BofA

BofA lowered the firm’s price target on TD Synnex to $132 from $135 and keeps a Buy rating on the shares. TD Synnex’s Q2 billings growth remained strong, while billings in the second half are expected to grow mid-to-high single digits year over year, and though the higher mix of netted down items hurt revenue, it helped margins, the analyst tells investors in a research note. Overall commentary from management indicates an improving IT spending environment, although somewhat muted from prior expectations, the firm says.