Brean Murray Carret Reiterates Buy Rating on Tech Data Corp. (TECD)

Brean Murray Carret is out with a research report this morning, where it reiterates its Buy rating on Tech Data Corp. TECD; it has a $50.00 price target on the stock. The BMC analysts cited the company’s recent acquisition of Triade Holding, a distributor of consumer electronics, mobility and IT products in the Benelux and Denmark, which is expected to be immediately accretive to FY 2011 earnings. The analysts feel that Tech Data paid an attractive price for the deal, at EV/Sales of 0.15x. Their analysis showed the acquisition could be 4-6% accretive to operating income or 16-24 cents accretive to EPS annually upon closing of the deal. As for stock valuation, they remarked, “Our $50 target price is 9x our CY11 EPS estimate of $4.05 excluding net-cash.”