Sterne Agee Maintains Buy on Ingram Micro After New CEO Appointment

Sterne Agee has published a research report on Ingram Micro (NYSE: IM) after the company appointed a new CEO.

In the report, Sterne Agee writes, "Yesterday (1/19/12) after the close, IM announced the promotion of Alain Monie to CEO, succeeding Greg Spierkel, who will remain until April 15 to assist in the transition. We have the following comments and analysis. We are not sure what drove the sudden change in management but believe it could be related to the Australia IT transition issue that has taken longer than expected and plagued company results over the last two quarters. We continue to believe this issue is fixable and not a fundamental structural problem and the improvements will be evident in improved gross margin in upcoming quarters."

Sterne Agee maintains its Buy rating and $22 price target on Ingram Micro, which closed yesterday at $18.84.