01:45 PM EDT, 03/26/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lift our 12-month target by $3 to $113 on 8.6x our FY 25 (Nov.) EPS view, below IT distributor peers. We up our FY 24 EPS view to $11.95 from $11.81 and cut FY 25's to $13.16 from $13.20. SNX posted Q1 EPS of $2.99 vs. $2.93, beating consensus by $0.15. Revenue declined 8% to $14B, with gross billings down 5% on tough comps. Endpoint Solutions fell 5% on slight Y/Y PC growth, offset by mobile device/component demand softness. Advanced Solutions dropped 10% against a difficult record prior-year comparison. We expect gross billings growth to inflect next quarter as the IT spending environment continues improving through the year. Looking ahead, we see tailwinds from growth in services, networking, and cloud/software solutions, while SNX should also benefit longer-term from hybrid cloud and hyperscale infrastructure upgrades. We note SNX's net debt of $3.3B, with $1.2B cash flow generation, enabling an additional $2B share repurchase authorization, supplementing the existing program ($197M remaining).