TD Synnex Corp (NYSE:SNX) reported worse-than-expected second-quarter financial results and issued third-quarter guidance below estimates.
TD Synnex reported a second-quarter FY23 revenue decline of 7.9% Y/Y to $14.06 billion, missing the consensus of $14.42 billion. Adjusted EPS of $2.43, missing the consensus of $2.55.
The company expects third-quarter revenue of $13.5 billion-$14.5 billion (vs. below the consensus of $14.96 billion), adjusted EPS of $2.20-$2.70 (vs. below the Street view of $2.76), and adjusted gross billings in the range of $18.0 billion-$19.3 billion.
Synnex shares fell 5% to close at $92.82 on Tuesday.
These analysts made changes to their price targets on TD Synnex following earnings announcement.
- Raymond James cut the price target on TD Synnex from $125 to $120. Raymond James analyst Adam Tindle maintained a Strong Buy rating.
- Credit Suisse slashed the price target on TD Synnex from $106 to $90. Credit Suisse analyst Shannon Cross maintained a Neutral rating.
- Barclays lowered TD Synnex price target from $103 to $98. Barclays analyst Tim Long maintained the stock with an Equal-Weight rating.
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