Bank of America Merrill Lynch Reports on Tech Data

Bank of America Merrill Lynch commented on Tech Data TECD in a report released today. In the report, Bank of America Merrill Lynch was mixed in its assessment of the company. Bank of America Merrill Lynch writes, "TECD reported EPS of $1.03 vs. our/consensus of $1.11/1.05 on lower revenue ($6.3bn versus our/street of $6.5/6.4bn) and operating margin (Europe consumer), slightly offset by better tax (~$0.01). The company maintained F2012 guidance of 10%+ EPS growth (implies $4.80+) and company operating margin of 1.5% by F2013. While we see implied F2012 EPS guidance as achievable, we are a little more skeptical of the F2013 margin target given a steep implied improvement in Europe. We remain Neutral on lack of catalysts." Bank of America Merrill Lynch currently has a Neutral rating on Tech Data and a price objective of $50. Shares of Tech Data closed at $46.99 on Tuesday, down from $47.86 at the opening bell.