Shares of Ingram Micro Holding Corp. (INGM) are soaring 6.53% in pre-market trading on Friday, following the release of strong third-quarter financial results and multiple analyst price target increases. The technology services company's performance has exceeded expectations, prompting a positive market reaction.
Ingram Micro reported fiscal Q3 non-GAAP earnings of $0.72 per diluted share, in line with the previous year and surpassing analyst expectations of $0.67. The company's net sales for the quarter reached $12.60 billion, up from $11.76 billion a year earlier and beating the FactSet consensus estimate of $12.20 billion. Looking ahead, Ingram Micro provided an optimistic Q4 outlook, projecting non-GAAP diluted EPS of $0.85 to $0.95 and net sales of $14 billion to $14.35 billion, both exceeding analyst forecasts.
The strong financial performance has led to a wave of analyst upgrades. Jefferies raised its target price for Ingram Micro from $25 to $29, while Morgan Stanley increased its price target to $23 from $21. RBC Capital maintained a Buy rating with a price target of $25. These positive assessments from Wall Street analysts have further fueled investor enthusiasm, contributing to the significant pre-market rally in Ingram Micro's stock price.
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