TD Synnex initiated with a Buy at Goldman Sachs

Goldman Sachs initiated coverage of TD Synnex with a Buy rating and $101 price target. TD Synnex is the largest global technology distributor, and its scale and market leadership ensure that it is able to offer the broadest product portfolio, the analyst tells investors in a research note. The firm says the company has a strong free cash flow profile with a goal of returning 50% of free cash flow to shareholders in buybacks and dividends. It views the stock’s risk/reward as attractive, saying the current valuation reflects heightened uncertainty in global IT spending.