Ingram Micro initiated with an Equal Weight at Morgan Stanley

Morgan Stanley analyst Erik Woodring initiated coverage of Ingram Micro (INGM) with an Equal Weight rating and $24 price target The firm views Ingram’s competitive positioning as a “one-stop shop in an increasingly complex and fragmented” $4 trillion IT total addressable market favorably. However, the company’s 90% sponsor ownership is likely to limit near-term multiple expansion, the analyst tells investors in a research note.