TD Synnex price target lowered to $125 from $148 at Barclays

Barclays lowered the firm’s price target on TD Synnex (SNX) to $125 from $148 and keeps an Equal Weight rating on the shares. The company reported weaker than expected fiscal Q1 results and Q2 guidance, mainly impacted by lower temporary demand in Hyve, the analyst tells investors in a research note. The firm thinks Meta Platforms (META) is having component shipment delays to Q2 due to order digestion, which could be a hard disk drive shipment delay, in line with comments from Seagate Technology (STX) and Western Digital (WDC). And lower demand is likely related to Oracle (ORCL), based on channel checks, Barclays adds. The firm thinks substantial upside potential in TD Synnex shares near term is likely capped due to lack of visibility on broader IT spending recovery and macro uncertainty around trade policy, Hyve demand and government spending cuts.