Ingram Micro initiated with an In Line at Evercore ISI

Evercore ISI analyst Amit Daryanani initiated coverage of Ingram Micro (INGM) with an In Line rating and $27 price target On the positive side, Ingram should benefit from multiple cyclical and secular growth drivers over the medium term, but offsetting these positives are our concerns around implied gross margin headwinds from a PC recovery; potential for limited operating margin expansion given that mix; and a “show-me” story around free cash flow conversion, the analyst tells investors.