Synnex (SNX) Target Cut at Brean Murray

Synnex (SNX) received a “buy” reiteration today from securities research analysts at investment firm Brean Murray.  Murray also cut their performance outlook for Synnex  by adjusting their price target from $43 to $40 dollars.  Murray noted that August Q guidance was soft compared to consensus due to weak consumer information technology demand and weak operating margin in the second half of 2011.

SNX dropped at the beginning of the normal market session this morning, however, shares did regain a considerable portion of today’s intraday loss.  In fact, SNX rebounded to inside of Tuesday’s trading session, but fell short of closing within Tuesday’s daily range.

Synnex is slated to release their next earnings report on September 27th, 2011, and is estimated to post EPS of 93 cents.  Their last earnings report was released on June 28th, 2011, and announced EPS of 85 cents with revenue totaling $2.496 billion which was up 22.8% year to year.  SNX is currently trading below its 50 & 200-day moving averages and 2011 is currently a down year for the company.

Synnex Corporation is a business process services company, servicing resellers, retailers and original equipment manufacturers, or OEMs, in multiple regions around the world. Their primary business process services are distribution and business process outsourcing, or BPO.  The company has market capitalization of $1,115,822,200 and 36,346,000 shares outstanding.  SNX has a 52-week high of $36.72 with the low being $22.62 dollars.

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