UPDATE: Bank of America Merrill Lynch Raises PO on SYNNEX to $38

Bank of America Merrill Lynch is out with its report today on SYNNEX (NYSE: SNX), raising its PO to $38.

In a note to clients, Bank of America Merrill Lynch writes, "Our F2011 and F2012 revenue estimates go to $10.5bn and $11.4bn from $10.7bn and $11.8bn on weak consumer and softness in Japan. Our F2011 EPS goes to $3.69 from $3.75 while F2012 EPS goes to $4.29 from $4.44. Our PO goes to $38, on 9-10x our C2012 NOPAT/share of $4.73, less net debt of $5."

Bank of America Merrill Lynch maintains Buy on SNX.

Shares of SNX closed Tuesday at $31.46, up 2.08% from Monday's close.