** Shares of IT firm Ingram Micro Holding INGM.N fall 3.1% at $22 premarket after J.P. Morgan downgrades stock from "neutral" to "underweight"

** Brokerage says investor enthusiasm may be limited by weak enterprise spending in 2026, as softness in core service spreads to hardware; adds there is a high likelihood of PC demand to likely cool after strong 2025 volume cycle

** Insight Enterprises NSIT.O also downgraded to "underweight"

** J.P. Morgan cuts PT to $90 from $117 on similar concerns

** NSIT dips 1.5% at $81.63

** Uncertainty in enterprise spending and demand sensitivity to price hikes will make 2026 challenging, especially relative to peers with stronger AI infrastructure exposure, JP Morgan says

** Both companies face valuation discounts relative to peers, JPM notes but still remains cautious on outlook for both stocks

** As of last close, INGM stock up 17.1% YTD, while NSIT down 45.5%

(Reporting by Tharuniyaa Lakshmi and Arnav Mishra in Bengaluru)

((tharuniyaa@thomsonreuters.com))