TD Synnex price target lowered to $98 from $110 at RBC Capital

RBC Capital analyst Ashish Sabadra lowered the firm’s price target on TD Synnex to $98 from $110 and keeps a Sector Perform rating on the shares. The company’s Q2 results were “mixed”, with the revenue softness driven by declines in Endpoint Solutions, partially offset by growth in its Advanced Solutions portfolio and high growth technologies, the analyst tells investors in a research note. Supply chains are still normalizing and the pace of recovery remains uncertain, the firm adds, also noting that TD Synnex management expects PC ecosystem declines to moderate while Advanced Solutions is expected to grow in the second half, albeit at lower rates.