UPDATE: BMC Downgrades Ingram Micro to Hold (IM)

BMC is out with its report today on Ingram Micro IM, downgrading shares of IM from Buy to Hold. In a note to clients, BMC writes, "Stepping to neutral while newly introduced revenue and (surprising) GM headwinds flush through next couple Q''s. As Ingram suggested gross margin headwinds could persist through the Sep Q, we prefer to step aside to get a better handle on when gross margins can be positioned to move higher. Given the pressure from recent restructuring issues in Australia, we wouldn't be surprised to see the stock to revert price / TBV multiple matrix. Ingram reported Mar Q EPS of $0.34 vs. Street of $0.48, our work suggests the $0.12 difference is a sum ($0.02) FX impact, ($0.02) higher tax, $0.02 lower bad debt expense, ($0.10) Australian issues and ($0.02) impact likely from other gross margin headwinds." Shares of IM closed Thursday at $20.95, down 0.33% from Wednesday's close.