Citi Maintains Buy on Tech Data Corp (TECD)

Citi is out with its report today on Tech Data Corp TECD, maintaining Buy. In a note to clients, Citi writes, "Tech Data held an analyst day in New York to provide details of its overall strategy. Management also gave insights into the turn-around of the European business, and how the company's product portfolio has evolved during the past 5 years. We believe TECD is well positioned within the IT distribution market given its focus on growth segments (ie. mobility, CE, enterprise solutions). More importantly, we feel confident in overall execution now that all regions are under a unified IT system, coupled with a more stable organization in Europe. We remain constructive on TECD shares with a 12-month target of $63." Shares of TECD closed Tuesday at $52.07.