Sterne Agee Maintains Neutral on Synnex

Sterne Agee is out with its report today on Synnex SNX, maintaining Neutral. In a note to clients, Sterne Agee writes, "While we believe in the strong fundamentals of SNX and see upside potential to $35 based on a 9.5x forward multiple, an 11% return isn't enough to justify a Buy rating, and we see potential downside risk should the equity tape become less favorable and/or investors have less conviction in a sustainable IT market recovery." At the time of posting, shares of SNX were trading at $29.55, down 6.07% from Tuesday's close.