Brean Murray Carret Reiterates Buy, $61 PT on Tech Data Corp; Solid Revenue, Margins

Brean Murray Carret reiterates its Buy rating and $61 price target on Tech Data Corp (NASDAQ: TECD) following the latest quarterly results.

Brean Murray Carret comments, "After adjustments, TECD delivered an in‐line revenue Q with strong EPS upside from strong margins. As a result, we're raising our CY12 (FY13) EPS to $5.90 from $5.50 (Street was at $5.63 heading into the call. Leaving our target at $61 – we believe likely catalysts emerge in 2H12 as TECD should begin get some nice opex leverage from Europe (seasonally stronger revenue on a cost‐appropriate base) with potential to drive revenue growth to mid‐single digits at constant currency from low single‐digit in 1H12."

TECD closed at $47.88 on Monday.