U.S. markets closed

  • S&P 500

    3,901.36
    +0.57 (+0.01%)
     

  • Dow 30

    31,261.90
    +8.77 (+0.03%)
     

  • Nasdaq

    11,354.62
    -33.88 (-0.30%)
     

  • Russell 2000

    1,773.27
    -2.96 (-0.17%)
     

  • Crude Oil

    110.35
    +0.46 (+0.42%)
     

  • Gold

    1,845.10
    +3.90 (+0.21%)
     

  • Silver

    21.76
    -0.14 (-0.65%)
     

  • EUR/USD

    1.0562
    -0.0026 (-0.24%)
     

  • 10-Yr Bond

    2.7870
    -0.0680 (-2.38%)
     

  • GBP/USD

    1.2495
    +0.0020 (+0.16%)
     

  • USD/JPY

    127.8500
    +0.0560 (+0.04%)
     

  • BTC-USD

    29,320.69
    +83.54 (+0.29%)
     

  • CMC Crypto 200

    650.34
    -23.03 (-3.42%)
     

  • FTSE 100

    7,389.98
    +87.24 (+1.19%)
     

  • Nikkei 225

    26,739.03
    +336.19 (+1.27%)
     

Morgan Stanley Downgrades CDW, Cuts PT By ~5%

  • Oops!
    Something went wrong.
    Please try again later.
Anusuya Lahiri
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • CDW
    Watchlist

  • Morgan Stanley analyst Katy Huberty downgraded CDW Corp (NASDAQ: CDW) to Equal Weight from Overweight with a price target of $196, down from $208, suggesting a 12% upside, as part of the downgrade of her IT Hardware industry view to Cautious.

  • The firm's U.S. Equity Strategy Team believes the market is in the later innings of a mid-cycle transition, and Hardware has been the worst-performing Tech group and underperformed the S&P by 11% over the past four months, Huberty noted.

  • She points to emerging cautious data points, including a decelerating CIO Hardware spending growth outlook in 2022, rising channel inventory, and recent overconsumption of PC and peripheral products.

  • The data points signal an "impending" shift to late cycle, which should bring underperformance for the IT Hardware group.

  • While still bullish long-term on CDW, Huberty cites "near record-high valuation" and its 45% revenue exposure to PCs for her lower rating.

  • Price Action: CDW shares are trading lower by 5.4% at $174.13 on the last check Wednesday.

Latest Ratings for CDW

Oct 2021

Morgan Stanley

Downgrades

Overweight

Equal-Weight

Sep 2021

JP Morgan

Upgrades

Underweight

Neutral

Aug 2021

Morgan Stanley

Maintains

Overweight

View More Analyst Ratings for CDW
View the Latest Analyst Ratings

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Recommended Stories

  • Why I'm Not Worried About the Stock Market Crash

    It's important to remember that as we watch the stock market crash and our personal net worth take a big hit. While that has certainly happened, it's important to note that the stock market isn't the economy.

  • Goldman Sachs: 4 'buy' rated stocks for the rest of 2022 with up to 101% upside

    The first half of 2022 has been rocky. But Goldman likes this group to bounce back.

  • The odds of a home price correction just spiked—this interactive chart shows if your local housing market is at risk

    Over the past month, the odds of a home price correction spiked. That's according to an analysis CoreLogic ran for Fortune this week.

  • Billionaire Ray Dalio Pulls the Trigger on These 2 ‘Strong Buy’ Stocks

    When legends speak, people listen – and few investors match the legendary status of Ray Dalio. The founder of Bridgewater Associates has built his firm from a 2-room apartment operation into the world’s largest hedge fund, with more than $150 billion in assets under management, and a net gain exceeding $46 billion. Dalio believes that the next two to four years will see our global economic and political systems change in ways that are unpredictable now. And the key to survival, for investors, ma

  • How To Generate $100,000 Of Retirement Income, Without Selling Principal

    Your retirement savings are $1 million. You want $100,000 of yearly retirement income, including Social Security. Is that doable without tons of risk?

  • A $5 Trillion ‘Wealth Shock’ Is Cracking Americans’ Nest Eggs

    (Bloomberg) -- The world’s richest nation is waking up to an unpleasant and unfamiliar sensation: It’s getting poorer.Most Read from BloombergWalmart’s Troubles Should Have Everyone on High AlertA $5 Trillion ‘Wealth Shock’ Is Cracking Americans’ Nest EggsOne of the World’s Frothiest Housing Markets Turned Into a Seller’s Headache OvernightPutin’s War Means Russia’s Rich Aren’t Welcome at Davos AnymoreElon Musk Gets Defensive Over Twitter Meme as Harassment Report SurfacesAmericans’ collective n

  • The technician who called the 2020 market bottom says a ‘shocking rally’ is in store

    It’s been a terrible week in an awful year for the stock market. Walmart (WMT) Target (TGT) and Tencent (HK:700) each reported disappointing results to add fuel to the worries about interest-rate hikes and quantitative tightening. Over the last six weeks, equity redemptions have totaled $46 billion, versus $91 billion when the COVID outbreak first became apparent, according to Sean Darby, chief equity strategist at Jefferies.

  • Dow Jones Futures: Market Correction Getting Worse, Tesla Breaks Down; What You Must Do Now

    Another week of big losses as Wall Street adjusts to a "hard" reality. Tesla broke decisively, but it wasn't alone.

  • Woman strips off on Cannes red carpet to protest alleged Russian rapes in Ukraine

    The protester revealed the message “Stop raping us” in the blue and yellow colours of the Ukraine flag.

  • Which Top-Performing Dividend Stocks Look Most Attractive?

    High-yield dividend stocks have been viewed more favorably than high-multiple growth stocks these days. After yet another month of excessive market-wide selling, the yields of many top dividend stocks are slightly richer. As the Fed raises interest rates further, growth and value could continue to get slammed. This week, the Fed signaled that it's more than willing to keep the rate hikes coming until inflation backs down, even if it means jeopardizing a "soft landing" and inflicting more pain in

  • Amazon Aims to Sublet, End Warehouse Leases as Online Sales Cool

    (Bloomberg) -- Amazon.com Inc., stuck with too much warehouse capacity now that the surge in pandemic-era shopping has faded, is looking to sublet at least 10 million square feet of space and could vacate even more by ending leases with landlords, according to people familiar with the situation. Most Read from BloombergWalmart’s Troubles Should Have Everyone on High AlertA $5 Trillion ‘Wealth Shock’ Is Cracking Americans’ Nest EggsOne of the World’s Frothiest Housing Markets Turned Into a Seller

  • Larry Summers called inflation. Here's what he sees next.

    Economist Larry Summers was right about inflation last year — so we asked him what he sees coming next for the U.S. economy.

  • Better Buy: Apple vs. Alphabet

    Many tech stocks tumbled over the past few months as rising interest rates and other macroeconomic headwinds sparked a retreat toward more conservative investments. Two of the most resilient names were Apple (NASDAQ: AAPL) and Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL).

  • 10 Best Buy-the-Dip Tech Stocks According to Billionaire Ken Fisher

    In this article, we discuss 10 buy-the-dip stocks to buy according to billionaire Ken Fisher. If you want to skip our detailed analysis of Fisher’s stock selection and the current sell-off in tech, go directly to 5 Best Buy-the-Dip Tech Stocks According to Billionaire Ken Fisher. The tech-heavy Nasdaq Composite is down 27% in 2022 […]

  • Former Fed economist Stephen Roach sounds the stagflation alarm: ‘The markets are not even close to discounting the full extent’

    “This inflation problem is widespread, it’s persistent and likely to be protracted"

  • Dow Jones Up As S&P 500 Fights Off Bear Market; Tesla Plunges Amid Elon Musk Reports; 2 Stocks Look Bullish

    The Dow Jones reversed higher while the S&P 500 battled out of bear market territory. Tesla stock dived amid reports about CEO Elon Musk.

  • 5 Stocks Warren Buffett Bought Hand Over Fist as the Nasdaq Plunged

    When Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) CEO Warren Buffett buys or sells shares of a company, Wall Street and investors tend to pay close attention. Since becoming CEO in 1965, he's overseen the creation of more than $680 billion in shareholder value and delivered an average annual return of 20.1% for Berkshire's Class A (BRK.A) shareholders (himself included).

  • Stocks Are Ready for a Bounce Higher After S&P 500 Rallies Out of Bear Market

    Mark Newton, head of technical strategy at Fundstrat, thinks the S&P 500's late-day reversal on Friday provides 'hopes that a minor bounce is underway.'

  • Why Boeing Stock Lost 7% Today

    One day after Boeing (NYSE: BA) stock bounced higher on news of a big 737 plane sale to the parent company of British Airways and Iberia (the International Consolidated Airlines Group), shares of the airplane-building juggernaut are falling 7.2% as of 1:10 p.m. ET. The reason: Boeing may be encountering turbulence at higher altitudes. Earlier on Thursday, the big news around Boeing was the company's announcement that International Airlines Group has agreed to buy 25 Boeing 737-8-200 aircraft and 25 737 MAX 10 jetliners -- and taken out an option to buy as many as 100 more planes besides.

  • It May Be a Bear Market, But It’s Not a Panic. That’s Worrisome

    (Bloomberg) -- It’s been hard to watch, impossible to predict and a nightmare to trade. But has the S&P 500’s slide been an unqualified panic to date? By some measures no, and that might bode poorly for equities in the near term. Most Read from BloombergWalmart’s Troubles Should Have Everyone on High AlertA $5 Trillion ‘Wealth Shock’ Is Cracking Americans’ Nest EggsOne of the World’s Frothiest Housing Markets Turned Into a Seller’s Headache OvernightPutin’s War Means Russia’s Rich Aren’t Welcome