CDW rises on better-than-expected Q2 earnings

CDW

02/08/2023 19:02

** Shares of  IT firm CDW Corp  CDW.O  rise 7% to $200,
their highest in over four months
    ** Co posts Q2 adj. earnings of $2.56​​ per share vs
analysts' estimates of $2.33 - Refinitiv data 
    ** Stock set to post best day since Nov 10, if gains hold
    ** Co's Q2 earnings driven by its strong performance in its
public segment that caters to governments, including U.S. and
non-profit healthcare organizations helped offset lower spending
from smaller businesses and corporates
    ** Says it could also benefit from higher demand for
hardware required to support AI initiatives for its clients
especially in the U.S.
    ** Also posts better-than-expected Q2 revenue of $5.63 bln
vs analysts' estimates of $5.38 bln - Refinitiv data
    ** Brokerage Evercore ISI raises PT on CDW to $215 from $200
    ** Including session's gain, stock up 11.8% YTD

    
    
    

 (Reporting by Sruthi Narasimha Chari in Bengaluru)
 ((Sruthinarasimha.chari@thomsonreuters.com))