TD Synnex upgraded to Buy from Neutral at UBS

UBS upgraded TD Synnex to Buy from Neutral with a price target of $145, up from $115. The firm believes that the company’s growth will accelerate in FY24 and FY25 to 6% and that this is not priced in by the market, the analyst tells investors in a research note. UBS adds that IT / AI demand, coupled with a capital allocation strategy, will at a minimum return 50% of TD Synnex’s cash flow to shareholders via both dividends and buybacks.