India's Redington rises as Ambit Capital initiates with 'buy'
BUZZ-India's Redington rises as Ambit Capital initiates with 'buy' ** Shares of Redington REDI.NS up 1.5% to 383.6 rupees
** Ambit Capital initiates Apple AAPL.O product distributor with "Buy" with PT of 470 rupees
** Brokerage notes co has evolved from a pure-play hardware reseller to a seller of consolidated solutions across mobility, computing, networking and software
** Believes recent entry into software/cloud/cybersecurity solutions has aided growth
** Sees growth accelerate on large data center deals, and rising India localization and premiumization trends
** Scaled geographic presence, many-to-many partner network, long-term original equipment manufacturer relationships and ability to manage inventory/receivable risks are co’s moat for the core hardware business -- brokerage
** Expects co's revenue to grow at CAGR of 22% over FY26-29
** YTD, stock up 40.6%
(Reporting by Mridula Kumar in Bengaluru)
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