Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Markets & Finance

First Albany Ups Ingram Micro to 'Buy'


First Albany upgraded Ingram Micro (IM) to buy from neutral.

Analyst Joel Wagonfeld says he's upgrading on evidence that potential operating leverage in the company's model is greater, and can be achieved sooner, than he had expected. He says Ingram's comments suggest end demand is improving, and that industry dynamics may have stabilized, or even started to improve. He notes the company is seeing continued improvement in corporate information-technology spending, from which it should benefit.

Wagonfeld says the 34 cents fourth-quarter non-GAAP earnings per share surpassed his in-line estimate of 23 cents, and his revenue estimate of $6.8 billion beat estimates by $1 billion. Wagonfeld upped the 89 cents 2004 earnings per share estimate to $1.03, and upped the $23 billion revenue estimate to $25 billion. He has a $19 target.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus