JP Morgan Downgrades TD Synnex to Neutral, Raises Price Target to $113
Portfolio Pulse from Benzinga Newsdesk
JP Morgan analyst Joseph Cardoso has downgraded TD Synnex (NYSE:SNX) from Overweight to Neutral while slightly increasing the price target from $112 to $113.
January 08, 2024 | 3:57 pm
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NEUTRAL IMPACT
TD Synnex was downgraded by JP Morgan from Overweight to Neutral, but the price target was raised from $112 to $113, indicating mixed sentiment.
The downgrade to Neutral suggests that JP Morgan sees limited upside potential or increased risk in TD Synnex's stock, which could lead to a short-term negative impact on the stock price. However, the increase in the price target, albeit marginal, might offset some negative sentiment as it implies a slight improvement in the company's valuation outlook. The mixed nature of this news makes the short-term impact less predictable, hence a neutral score is assigned.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100