Strong Performance and Future Potential Drive Buy Rating for TD SYNNEX CorporationWe believe F3Q results strengthened this thesis - core distribution outperformed our above-Consensus forecasts, Hyve ODM/CM growth accelerated to 50%+ Y/Y, gross margins reached a 5+ year high, operating margins expanded 35bps Y/Y, and EPS grew >25% Y/Y Of course, FCF fell short of expectations this quarter, but it's a result of investments needed to help accelerate growth at Hyve, which is a short-term trade-off we're willing to make as long as cash days eventually recover. Looking forward, we now forecast $15.10 of earnings in and believe that could even be conservative.