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Citigroup Upgrades Ingram Micro

Citigroup upgrades Ingram Micro (IM) to hold from sell.

Analyst Richard Gardner says he is upgrading Ingram Micro based on valuation. He says his 26% decline in Ingram Micro stock since Jan. 1 has cut foward 12-month multiple from 17 times to 11 times, toward the low end of its recent 10 times to 17 times range.

He says the recent loss tied to the Tech Pacific purchase appears to be modestly below original estimates, suggesting guidance of 10 cents of earnings per share accretion in 2005 could prove conservative. He also notes this estimate assumes almost no cost synergies with existing Ingram Micro operations in the region.

Gardner raises his 23 cents second-quarter earnings per share estimate to 26 cents, his $1.24 2005 earnings per share estimate to $1.28, and his $1.36 2006 earnings per share to $1.40. He maintains an $18 target.

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