Ingram Micro, Inc. (IM)

Ingram Micro (IM - Analyst Report) is one of the world's largest distributors of IT products. The company failed to impress with its third quarter 2011 results. Moreover, the soft retail sector in Europe and the Asia-Pacific, as well as the ERP transition issue in Australia resulted in an unexciting 2011 guidance.

Though management appears confident about most of the near-term issues and the regaining of market share in Australia, we remain cautious. Also, while the company's strategic partnerships with IT giants are encouraging, its significant European exposure, high dependence on IT spending and debt-laden balance sheet are causes for concern.

Hence, we have downgraded the stock to Underperform from Neutral. Our target price of $16.00 reflects a P/E multiple of 9.9x our 2011 EPS estimate, which is at a slight premium to the industry average.

Ingram Micro, Inc. (IM) : FULL ANALYST REPORT

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Email	Print	Share	Rate Pos	Rate Neg

Zacks Blog: Ingram Beats EPS, Misses Rev
(IM, MSFT, HPQ, IBM, JNPR)	04/27/12

Zacks Blog: Earnings Preview: Tech Data
(TECD, IM, HPQ)	02/27/12

Zacks Blog: Ingram Beats EPS, Guides Cautiously
(IM, MSFT, HPQ, IBM, JNPR)	02/10/12

Zacks Blog: Arrow Signs Distribution Agreement
(IM, ARW, AVT)	01/18/12

Zacks Blog: Zacks Bull and Bear of the Day Highlights: Hibbett Sporting Goods, Ingram Micro, CME Group, Goldman Sachs and UBS AG
(HIBB, IM, CME, GS, UBS)	11/29/11

DJIA	12529.75	33.60	0.27%
NASD	2839.38	-10.74	-0.38%
S&P 500	1320.68	1.82	0.14%

Ingram Micro, Inc. (IM)

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