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Raymond James Ups Tech Data to 'Strong Buy'

Raymond James upgraded Tech Data (TECD) to strong buy from outperform.

The company posted 46 cents third-quarter GAAP earnings per share. Analyst Robert Anastasi says these results were better than he expected. He notes revenue were also higher than his forecast, marking the first positive revenue comparison in the Americas region in nearly three years, and providing further evidence of an information-technology spending recovery.

Anastasi notes gross margin declined more than expected, but says this was offset by an improvement in expenses. He trimmed the fiscal 2004 (Jan.), and fiscal 2005 earnings per share estimates (which is ahead of consensus) to $1.77 and $2.14, due to lower gross margin assumptions. He's keeping the $2.50 fiscal 2006 estimate. Anastasi raised his $37.50 target to $40.

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