Barclays Capital Cuts Price Target on Tech Data Corporation (TECD)
Equities researchers at Barclays Capital (NYSE: BCS) dropped their target price on shares of Tech Data Corporation (NASDAQ: TECD) from $56.00 to $54.00 in a report issued on Tuesday. The firm currently has an “equal weight” rating on the stock.
Shares of Tech Data Corporation traded down 0.97% during mid-day trading on Tuesday, hitting $47.86. Tech Data Corporation has a 52 week low of $38.21 and a 52 week high of $59.29. The company has a market cap of $1.970 billion and a P/E ratio of 9.90.
Tech Data Corporation last announced its earnings results on Monday, May 21st. The company reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.07. The company’s revenue for the quarter was down 6.9% on a year-over-year basis. On average, analysts predict that Tech Data Corporation will post $1.41 earnings per share next quarter.
A number of other firms have also recently commented on TECD. Analysts at Brean Murray reiterated a “buy” rating on shares of Tech Data Corporation in a research note to investors on Tuesday. They now have a $61.00 price target on the stock. Finally, analysts at Needham & Company raised their price target on shares of Tech Data Corporation from $54.00 to $57.00 in a research note to investors on Wednesday, February 29th. They now have a “buy” rating on the stock.
Tech Data Corporation (Tech Data), is a distributor of information technology (IT) products, logistics management and other value-added services.