TipRanks analyst ranking service pinpoints Wall Street's best-performing stocks, including Apple and Spotify.
) has benefited from a steady IT spending environment amid the consistently high digital transformation across industries. The company recently posted its fiscal fourth-quarter results last week, where earnings beat consensus estimates and the dividend was hiked.
dug into the results and noted that rapid growth in advanced solutions and high-growth technologies were major positives. Even though the analyst reduced his fiscal 2023 earnings forecast due to an expected rise in interest expense, he remained bullish on SNX's efforts to achieve cost synergies by the end of the current fiscal year. Looking forward, the analyst sees a largely upward trend in growth, albeit a few hiccups. "The key growth driver in the first half of fiscal 2023 should be advanced solutions and high-growth technologies and in the second half should be PCs and peripherals and high-growth technologies. We expect Hyve Solutions revenue growth to slow in fiscal 2023 and slightly rebound in fiscal 2024 versus fiscal 2022 growth," observed Colicchio, reiterating a buy rating and raising the price target to $130 from $98 for the next 12 months.among almost 8,300 analysts on TipRanks, with a success rate of 61%. Each of his ratings has delivered 13% returns on average.
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