TD SYNNEX Corporation (NYSE:SNX) posted upbeat fourth-quarter results on Thursday.
The information technology services provider reported fourth-quarter revenue of $17.4 billion, which surpassed the analysts' expectations of $16.9 billion and also marked a 9.7% increase year over year (Y/Y). TD SYNNEX reported adjusted EPS of $3.83 for the quarter, comfortably exceeding the forecasted $3.73 per share. This performance represents a notable 24.0% year-over-year (Y/Y) growth.
Patrick Zammit, CEO of TD SYNNEX, said, "We are well positioned for the year ahead, underpinned by our specialized business model, an unrivaled portfolio that is indexed toward higher-growing technologies and our continued focus on delivering best-in-class customer experiences. These strengths give us confidence in our ability to drive sustainable growth through time."
TD SYNNEX projects adjusted EPS of $3.00–$3.50, compared with the consensus estimate of $3.21, and sales of $15.1 billion–$15.9 billion, versus expectations of $15.43 billion. The company stated that adjusted gross billings for the next quarter are projected to be between $22.7 billion – $23.7 billion.
TD SYNNEX shares rose 0.5% to trade $148.32 on Friday.
These analysts made changes to their price targets on TD SYNNEX following earnings announcement.
- Morgan Stanley analyst Erik Woodring maintained TD Synnex with an Overweight rating and lowered the price target from $177 to $172.
- Barclays analyst Tim Long maintained the stock with an Equal-Weight rating and lowered the price target from $164 to $163.
- UBS analyst David Vogt maintained TD Synnex with a Buy and raised the price target from $187 to $193.
Considering buying SNX stock? Here’s what analysts think:
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