10:48 AM EDT, 03/28/2025 (MT Newswires) -- TD SYNNEX's ( SNX ) Q1 "solid billings growth" of 7.5% surpassed market expectations, despite weaker demand in its Hyve segment, which is why "we believe secular tailwinds remain in place over the mid-term and would remain buyers on weakness," RBC Capital Markets said in a note to clients Friday.

TD SYNNEX ( SNX ) achieved an operating profit of $399 million and a higher-than-expected gross margin of 6.87% as a percent of sales, indicating good cost control, RBC said.

Tariffs had minimal impact on TD SYNNEX ( SNX ), due to its US manufacturing base and flexible supply chain, giving Hyve a market advantage, RBC added.

RBC maintained an outperform rating for TD SYNNEX ( SNX ) with a price target of $165.

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