Morgan Stanley upgraded Ingram Micro (INGM) to Overweight from Equal Weight with a price target of $27, up from $25. The firm’s Q4 survey results and recent uptick in small business sentiment give it greater confidence in a 2025 hardware spending recovery, which it says is a “key tailwind for cyclically-exposed” Ingram Micro. The analyst sees the company’s Q4 and 2025 consensus expectations as relatively conservative, and believes earnings beats would represent a key near-term catalyst to building confidence.
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