Goldman Sachs Maintains Sell Rating on Tech Data. Corp.

Goldman Sachs published its research report yesterday on the Tech Data Corp. TECD maintaining a Sell rating. TECD is lower growth, lower returns, and higher volatility than their peer group average. Goldman Sachs writes, "We remain positive on the systems distribution market heading into the year-end, as we continue to see healthy hardware refresh in the SMB segment. That said, our Sell rating on Tech Data reflects our view that the stock will lag its peers. Our 12-month price target of $38.50 is based on a P/TBV multiple of 1X, representing a discount to the historical average of 1.3X." TECD closed Monday at $43.64.