Markets & Finance

Lehman Upgrades Tech Data to 'Equal-Weight'


Lehman Brothers upgraded Tech Data (TECD) to equal-weight from underweight.

Analyst Jon Horvath says information-technology demand remains soft but he thinks the underpinnings of a U.S.-led recovery in IT spending are solid. He believes market share losses to other broadline competitors -- the reason for his initiation of coverage with an underperform rating -- has stabilized. He says downward pressure to his conservative estimates leading up to earnings on May 28 is largely priced into expectations.

Horvath notes Tech Data did not participate in a recent run-up in tech stocks, and he thinks valuation can go higher. He sees 37 cents first-quarter earnings per share, and $1.65 fiscal 2004 (Jan.), and $1.90 fiscal 2005. He raised his target to $27.


Burger King's Young Buns
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

Sponsored Financial Commentaries

Sponsored Links

Buy a link now!

 
blog comments powered by Disqus