UPDATE: Brean Murray Carret & Co. Lowers PT on Synnex to $40

Brean Murray Carret & Co. reiterates a Buy rating on Synnex (NYSE: SNX) and lowers its price target from $45 to $40.

Brean Murray Carret & Co. comments, “SNX's softer‐than‐Street May revenue and EPS guidance is actually within seasonal organic revenue norms (up 5% ‐ 6%) and also suggests Q/Q OM expansion. SNX did experience a bit softer consumer in North America in the May Q, particularly in PC's (SNX has no European exposure). SNX commented that core corporate business was strong (both SMB and Enterprise) and that it expects its retail to firm up with a back‐to‐school PC build. SNX suspects retail PCs were hurt this Q by macro as well as 1) drive constraints at the beginning of the Q and 2) no upgrade option to Windows 8 for most of the Q for folks that wanted PCs.”

Synnex closed at $33.04 on Monday.