After market close, Tech Data Corp. (NASDAQ:

) announced that the board had authorized an additional $100M in share repurchase, “bringing the total authorization to $200M,” Citi reports. “We believe the extremely attractive valuations (8.5x F12 PE, 5% discount to tangible book) prompted the mgt to accelerate the pace of share repurchase,” Citi writes. “We note that the company has already spent—under the current program—$75.7M to buy back 1.5M shares through May 31. The remaining $124M suggests an incremental share repo of 2.7M shares, or roughly 6% of total shares outstanding. “We remain constructive on TECD shares with a target of $63. We believe it is prudent for the company to aggressively buy shares in the market given the excessive 15% pullback since reporting a modest April qtr miss. Our estimates remain unchanged as we had already baked in $200M of share repurchase in FY12.” Tech Data closed Wednesday at $46.37.