CDW down after JP Morgan downgrades to 'neutral', cuts PT

CDW

28/10/2024 12:23

** Shares of IT solutions provider CDW  CDW.O  fall ~1% to
$214.99 in premarket trading 
    ** J.P.Morgan downgrades stock to "neutral" from
"overweight"; cuts price target to $235 from $260
    ** Brokerage says CDW to continue facing headwind from
sluggish enterprise spending
    ** "Understandably, expectations are for a recovery in
enterprise IT spending over the next-twelve months, but the pace
of the recovery is more likely to be sluggish rather than a
robust rebound"- Brokerage says 
    ** Expects CDW earnings growth in the next couple of years
to track below the double-digit range that investors have come
to expect from co
    ** 8 of 13 brokerages rate the stock "buy" or higher, 5
"hold" ; their median PT is $245
    ** CDW stock has fallen 4.5% YTD

 (Reporting by Harshita Mary Varghese in Bengaluru)
 ((HarshitaMary.Varghese@thomsonreuters.com))