Sterne Agee Initiating Coverage On Synnex At Neutral

According to Sterne Agee, Synnex SNX coverage is initiated at Neutral. Sterne Agee reported that it is initiating coverage of SNX with a NEUTRAL rating and 12-month price target of $35. “SNX is a leading value-added provider of IT distribution and services. We arrive at our price target by assuming a 9.5x multiple on our CY11 EPS estimate of $3.72.” Synnex closed yesterday at $31.95.