Collins Stewart Reports SYNNEX's Revenue Increase Last Quarter

According to a research report released by Collins Stewart, SYNNEX (NYSE: SNX) enjoyed a nice quarter with revenue of $2.84B up 15% y/y.

Collins Stewart states, “On January 5th we commented that the distribution names including SYNNEX would see a benefit from the HDD shortage situation as prices of inventory instantly went up due to the crises and the benefit would aid the bottom line, helping SNX's 4Q results. Looking forward, some of this benefit will carry over into 1Q12, but at a much more modest level. Our 1Q estimates remain $2.55B and $0.91, which were above consensus and now split guidance of $0.89-$0.93 for EPS and revenue of $2.48B-$2.58B. We move our price target to $38 from $35 or 8.5x our FY13 EPS est of $4.50.”

SYNNEX closed yesterday at $32.09.