UPDATE: Sterne Agee Initiates Ingram Micro at Neutral (IM)

Sterne Agee is out with its report today on Ingram Micro (NYSE: IM), initiating IM at Neutral.

In a note to clients, Sterne Agee writes, "We are initiating coverage of IM with a NEUTRAL rating and a 12-month price target of $22. Ingram Micro is the world's largest technology distributor and leading provider of technology sales, marketing and supply chain logistics. We arrive at our price target by assuming a 10x multiple on our CY11 EPS estimate of $2.15."

Shares of IM closed Tuesday at $20.90.