Market Report -- Short Stories (TECD)
November 24, 2009 9:29 AM ET
Tech Data target raised to $50 at Brean Murray following earnings yesterday morning . Brean Murray raises their TECD tgt to $50 from $40 following the fourth consecutive quarter (yesterday morning) of strong EPS beats; they continue to believe TECD's beat-and-raise story remains intact. TECD's performance continues to confirm their thesis of strong, consistent, and sustainable execution. TECD continues to expand margins through this softer demand environment, and achieved its strongest Oct Q operating margins (1.17%) since 2002. They believe this bodes well for leverage as IT continues to recover. The biggest (non-secular) risk to their rating likely remains any potential for increased competitive pricing heading into 2010 should demand slow.
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