On October 1, Synnex rose 5.54% in regular trading, trading at approximately $271.08 per share, with turnover of $67.39 million. The stock staged a recovery rally following a sharp post-earnings selloff that had left it in oversold territory.

The rebound was driven by the company's fiscal Q3 results, which significantly exceeded expectations. Non-GAAP EPS came in at $5.68, beating the consensus estimate of $4.70 by roughly 21% and rising 59% year-over-year. Revenue reached $21.56 billion, surpassing the $18.91 billion estimate by nearly 14% and growing 38% year-over-year. The company also issued strong Q4 guidance, projecting non-GAAP EPS of $5.65 to $6.15 and revenue of $21.8 billion to $22.6 billion, both well above consensus of $4.87 and $19.44 billion respectively.

Despite the strong results, the stock had initially dropped over 12% on the earnings release date, creating a dislocation. Multiple investment banks subsequently raised their price targets, with UBS lifting its target to $379 from $352 while maintaining a Buy rating, and Morgan Stanley also revising upward, catalyzing the current recovery.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)