Stock Track | Ingram Micro Soars 6.53% Pre-Market on Strong Q3 Results and Analyst Upgrades

Stock Track10-31

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.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment