Sterne Agee Upgrades Ingram Micro To Buy

According to Sterne Agee, Ingram Micro IM is upgraded to Buy. Sterne Agee said that it is upgrading its rating on IM to Buy from Neutral for three key reasons and raising the price target to $24 (from $22) based on what it believes is a reasonable 10x multiple on the CY12 EPS of $2.40. “We believe IM is well-positioned in the technology space with its broad, global business model and attractive valuation relative to its peer group based on its tangible book value. Our price target of $24 is based on a 10x multiple on our CY12 EPS estimate of $2.40.” Ingram Micro closed yesterday at $18.29.